The Latest Breaking News from Andrew Bailey

Andrew Bailey told MPs during a Treasury Committee session that the Bank had ‘genuine concerns’ about escalating trade tensions.

Home secretary appears to accept early release proposals will put more pressure on police as she is questioned at select committee

THE INDEPENDENT VIEW: Editorial: For all the praise that has greeted the government’s new trade arrangements with India and the United States, it is the promise of closer ties – both economic and defensive – with our nearest neighbours that will prove the most valuable and enduring

COMMENT : An agreement with the US, which leaves its 10 per cent tariffs in place, would be eclipsed by a deal that lowered the trade barriers between the UK and the EU, writes James Moore

After US talks, Andrew Bailey says Britain must do everything it can to improve trading relations with bloc

In an interview with the BBC, the Bank’s chief suggested that the UK-US trade deal secured on Thursday could set an example globally.

Rolling coverage of the latest economic and financial news

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

Interest rates were cut from 4.5% to their lowest level since May 2023, in their fourth reduction over the past year.