The Latest Breaking News from Andrew Bailey

Exclusive: The Guardian has been told that discussions about increases include a near-certain gambling levy

THE INDEPENDENT VIEW: Editorial: Despite interest rates being brought to their lowest level in more than two years, a combination of meagre economic growth, high government spending and U-turns over proposed welfare cuts has trapped Labour in a fiscal straitjacket. But the chancellor must remember that good policy is good…

The FTSE 100 index closed down 63.54 points, 0.7%, at 9,100.77.

Here the PA news agency looks at what the decision means and what the Bank expects to happen to the economy.

Governor Andrew Bailey described it as a ‘finely balanced decision’ after MPC members were forced to hold a second vote.

COMMENT: The flagging UK economy will get a badly needed boost from the Bank of England’s third rate cut of the year – but, says James Moore, given an unexpected jump in inflation, there could now be several unintended consequences

UK interest rates have been cut to their lowest level since March 2023, despite the Bank of England predicting a sharp rise in inflation amid…

In their economic outlook the rate setters see a threat from rising prices of food, energy and business services

The cut came after the Bank’s rate-setting committee was forced to take a second vote for the first time in its history.

People will be chosen via three-stage process, with government expected to accept around 50 migrants a week when scheme starts

INSIDE BUSINESS: Former chancellor warns the UK against abandoning the global crypto race, says James Moore – and, when it comes to loosening consumer protection rules, he may have a point