The Latest Breaking News from Andrew Bailey

Andrew Bailey said he was ‘very concerned’ by independence issues facing the US’s Federal Reserve.

IPPR says Rachel Reeves should also urge Bank to halt bond sales to reduce government losses of £22bn a year

Department plans ‘Cornhusker Clink’ for south-western part of state, latest in string of new detention facilities

Missouri Attorney General Andrew Bailey, a staunch ally of President Donald Trump, has been appointed co-deputy director of the Federal Bureau of Investigation, joining conservative commentator Dan Bongino in a rare power-sharing arrangement at the bureau's top ranks.

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.