There is provided a cutting tool (100) which is capable of performing cutting operations on a variety of materials such as, for example, plasterboard, glass, wood, laminated wood, cardboard, Perspex (Trade Mark), tiles, plastics or the like. The cutting tool (100) comprises an upper and lower part (102,104), said upper and lower parts (102,104) being separated by spacing means which are preferably retractable, the upper and lower parts (102,104) comprising at least one cutting device (116), and wherein the upper and lower parts (102,104) are held together with magnetic attraction.