But they warned that there was still trouble on the horizon with Britain on the verge of a recession and the global economy in a highly volatile state.
In its editorial, the Guardian said that Thursday's move was 'long overdue', adding that 'big, bold and downright dramatic steps' were exactly what the economy needed.
'Yesterday's move cannot be the last; the bank needs to keep on cutting rates. Only then can it hope to prevent what is bound to be a nasty recession turning into a slump', it added.
The Financial Times's columnist Martin Wolf said the bank had made the right move but warned that the economic risk had now switched from inflation to deflation.
'Will this cut work? The answer is that it is unlikely, on its own, to lead to a sudden resurgence in lending', he wrote.
'But in conjunction with the other measures taken - recapitalisation, guarantees on new lending and liquidity provision - it should help the slow healing of the banking system'.
The business daily's editorial said the European Central Bank (ECB), which on Thursday announced it was reducing its main lending rate by half a percentage point to 3.25 per cent, should follow the Bank of England's example by being bold.
'Given downside risk, the ECB's decision was too timid... the ECB has to follow. If not now, when?' it said.
Meanwhile, the Independent warned that recession in Britain was now unavoidable.
'Even if these cuts are passed on (by banks), they will take at least a year to feed through for the economy'.
'The best that can be hoped for is that this sort of monetary loosening now will make the downturn shallower, shorter and less painful', its editorial said. -- AFP