Rates expected to hit all time low

The Bank of England is expected to slash interest rates to their lowest level in the banks history when it makes its monthly decision.

Interest rates are currently at 2%, the committee is expected to announce the new reduction of between 0.5% and 1% later today.
While a rate cut is widely expected, there is debate as to how far the Bank will actually go.
Six months ago, the BOE was juggling slowing economic growth with soaring inflation, now it must walk a thin line between deflation and the growing threat of weakening England’s currency further.
Deflation – where prices fall rather than rise – becomes a far larger risk if interest rates continue to fall towards zero.
But the UK's biggest lender, HBOS, is passing on only 0.25 of a percentage point.
C&G, Bristol & West, Lloyds TSB and HSBC have apparently agreed to pass on the last 1% point cut in full to all of their customers with variable rate mortgages.

But England’s largest lender, HBOS, is only passing on 0.25% point cut to its customers.

How many more banks will follow another interest rate cut? Can they afford to do so?