"The recession into 2009 will be both longer and deeper than expected, and we need the strong medicine of a full percentage point cut," said John Cridland, deputy director general of the CBI.
Ernst & Young's influential Item Club agreed with the employers' organisation's conclusion that a whole percentage point cut was needed.
"Anything less than that would be a case of 'too little, too late'," said its senior economic advisor Hetal Mehta.
The case for a full percentage point rate cut was strengthened by Wednesday's UK economic data.
Julia Martin, who's in negative equity, says the banks must pass any interest rate cut on to customers
Activity in the service sector, the backbone of the UK economy, shrank in October for the sixth month in a row and was at its lowest level since the poll began in 1996, according to an index compiled by the Chartered Institute of Purchase and Supply.
Also, the Office for National Statistics said that manufacturing output fell for a seventh month in September - the longest run of monthly declines since 1980.
Manufacturing output fell by 0.8% in September, much worse than analysts' expectations, making output 2.3% lower than a year earlier, the sharpest decline since May 2003.
"[Wednesday's] UK data intensifies the case for aggressive interest rate cuts from the Bank of England," said James Knightley at ING.
There are concerns that even if there is a drastic cut in the Bank of England's base rate, it will not be passed on to borrowers.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.