Panic over coronavirus has badly shaken the world's financial markets, culminating, on Monday, in the FTSE 100 suffering its sharpest one-day fall since the height of the 2008 crash.

The bad news began yesterday morning when the Bank of England revealed it was cutting the base rate by two-thirds to just 0.25 per cent, writes VICTORIA BISCHOFF.

Thousands of employees will have woken up yesterday terrified they are about to lose their jobs. Businesses all over Britain are already cutting workers' hours and pay in a bid to protect jobs.

In 2008 the world economy appeared on the brink of meltdown. Banks' pursuit of profits fired by a culture of greed and management hubris led to the failure of some and the defenestration of many.

Our mailbag is overflowing with emails from bitterly disappointed holidaymakers whose travel plans are now in ruins. Many had spent thousands of pounds on once-in-a-lifetime trips.

My partner Chris and I live in a first-floor flat, so when our neighbour sent us a message out of the blue insisting we use her front garden to enjoy the sunshine on Sunday, I could have kissed her.

Hallelujah! After temporarily shutting, our favourite Italian restaurant in South London, Lo Paste Tradizionali, has reopened for collections and deliveries on Friday to Sunday.

For many of us feeling cut off from loved ones, technology has proved to be a lifeline, but we must beware.

Supermarket deliveries are a lifeline for those who have been told they will be at serious risk if they leave home. Despite this, many precious delivery slots are still snapped up by young, healthy households.

There is no doubt that the most hygienic way to pay for something is with a tap of a contactless card. But if you're spending more than £45 you either have to use a card machine, or hand over cash.

NASSER HUSSAIN: How good is Steve Smith? You'd have to say he's up there with the all-time greats. The point of sending someone out of the door is to get runs, not to look pretty.

LAWRENCE BOOTH AT OLD TRAFFORD: Steve Smith accused England of playing into his hands after he continued to punish their bowling with a magnificent 211 in Manchester.

MARTIN SAMUEL - CHIEF SPORTS WRITER AT OLD TRAFFORD: The only surprise was the declaration. For some time, as the shadows lengthened, it seemed as if Tim Paine was waiting.

Trevor Bayliss will stand down from the role with England following the end of the Ashes, with the search for a successor among the ECB's high priorities.

England have mounted the start of recovery against Australia with Joe Root and Rory Burns sharing a century partnership on day three of the  fourth Test at Old Trafford.

LAWRENCE BOOTH AT OLD TRAFFORD: Three late wickets, including Joe Root, left England's Ashes hopes hanging by a thread on Friday night as they battled to save the fourth Test.

NASSER HUSSAIN AT OLD TRAFFORD: Rory Burns strikes me as the kind of lad who goes away and looks at his issues. He works with a coach he trusts and solves problems.

LAWRENCE BOOTH AT OLD TRAFFORD: Archer finished Australia's first innings with figures of none for 97, returning to earth with a bump after taking 13 wickets in his first two Tests.

BUMBLE AT THE TEST: Josh Hazlewood has put Australia in complete control of the fourth Ashes Test after grabbing three quick wickets late on during the third day at Old Trafford.

MARTIN SAMUEL AT OLD TRAFFORD: Late in the day, England digging in, Australia bowling well but increasingly frustrated, Nathan Lyon decided he might mess with a few minds.

England have abandoned plans to rest senior players from the two-Test series in New Zealand that begins this winter as they start to again prioritise the ultimate format.

PAUL NEWMAN AT OLD TRAFFORD: Joe Root was battered and bruised as he tried desperately to keep England afloat at Old Trafford but he just could not steer his ship to Ashes safety.

Australian cricketer David Warner has given a quick thinking response to a fan after being sledged in England during the Ashes test. 

England are staring at defeat in the fourth Ashes Test after losing Rory Burns and Joe Root in the first over of their fourth-innings after being set 383 to win by Australia,

CHIEF SPORTS WRITER: Steve Smith was still there. Turning our summer to autumn in the September chill. Taking away the Ashes. Infecting the glorious memories of the World Cup final.

England are on the verge of surrendering the Ashes after slumping to 18 for two on Saturday but coach Trevor Bayliss was still clinging to the belief that 'anything is possible'.

RICHARD GIBSON AT OLD TRAFFORD: After the miracle of Headingley kept their Ashes hopes alive, England now need a marathon stonewall across the Pennines to stop Australia killing them off.

Australia retained the Ashes with a 185-run victory at Old Trafford despite some dogged resistance from England's lower order. Relive the action from day five with JAMES DUTTON.

LAWRENCE BOOTH AT OLD TRAFFORD: Joe Root insisted he was still the right man to captain England, despite Australia regaining the Ashes on a tense final day in Manchester.

NASSER HUSSAIN: The way that England have played their Test cricket in recent years, they were always going to be found out by a high-class bowling attack.

PAUL NEWMAN AT OLD TRAFFORD: Australia have retained the Ashes with victory over England in the fourth Test at Old Trafford, claiming their first away series win since 2001. 

BUMBLE AT THE TEST: Australia retain the Ashes and in truth they have been the better team. They planned well in advance and got their attack spot on.

Steve Smith said retaining the Ashes in England was one to tick off his bucket list after Australia beat their traditional rivals by 185 runs to win the fourth test at Old Trafford on Sunday.

The 27-year-old has been in the UK supporting her boyfriend Nathan Lyon, 31, throughout the series. She shed tears of joy when Josh Hazlewood took the final wicket on Sunday

Sportsmail's Lawrence Booth assesses the performances of both sets of players after Australia got the better of England in the fourth Ashes Test at Old Trafford.

SPORTS AGENDA BY MIKE KEEGAN: England's footballers may well have been delighted last week when the FA announced a multi-year sponsorship deal with food delivery app Deliveroo.

MARTIN SAMUEL - CHIEF SPORTS WRITER: Some time around 2012, an internet movie geek unearthed what was quickly tagged the worst death scene in cinema history.

Steve Smith was already the pantomime villain for England fans but he has riled them even more following Australia's celebrations after they retained the Ashes on Sunday.

England have named an unchanged squad for the fifth and final Ashes Test at the Oval as Joe Root looks to salvage a consolation win after Sunday's disappointment of failing to regain the Ashes.

Sportsmail columnists Nasser Hussain, David Lloyd, Lawrence Booth and Paul Newman answer the big questions for England's Test team after they failed to regain the Ashes.

Archer was impressive at Lord's and then took six wickets in an innings at Headingley but struggled to replicate that form at Old Trafford and McGrath has questioned his attitude.

Joe Root's failed to lead England to Ashes glory for a second time and some are questioning if he really is the best man to lead an overhaul of the under-performing Test side.

Brian Mullins' mother and daughter wanted to honor his free-spirited nature after he died of a heart attack in March. So they cremated him and put his ashes in a bottle to send him on one last adventure.

Kevin Pietersen has branded England's Ashes cult hero Jack Leach a 'laughing stock' and claims the spinner could have done more to prevent Australia retaining the urn.

A spectator reportedly left the ground on the second day on Thursday after hearing a section of supporters sing a racist song about England's Barbados-born bowler Jofra Archer.

PAUL NEWMAN: There have not been many England captains handed the chance to win a third Ashes series after losing his first two in charge but Joe Root could be the exception.

Justin Langer rejected suggestions Australia's Ashes celebrations at Old Trafford targeted England's Jack Leach for mockery, insisting the on-pitch party was a 'two out of 10' performance.

Failing to return the Ashes has led to Joe Root's position being discussed, particularly given his batting performances have been somewhat inconsistent.

Jimmy Anderson will consider changing his diet in a bid to prolong his Test career after the disappointment of missing the Ashes through injury - and has looked at the possibility of going vegan.

EXCLUSIVE BY MIKE KEEGAN: Sportsmail understands that hours of revealing footage has been collected from the last year, which includes Australia's trip to England for World Cup and Ashes.