Summary

  • Bank of England cuts interest rates to 0.25%

  • FTSE closes up by 1.59% in London

  • Pound struggles, losing 1.4% against the dollar

  • Carney warns banks must pass on rate cut

  • Bank announces two new stimulus schemes

  • Bank expects no growth in second half of 2016

Live Reporting

Bill Wilson

  1. Good morning

    Chris Johnston
    Business reporter

    What a day it's going to be: not only is the Bank of England set to cut interest rates for the first time in seven years, it also releases the quarterly Inflation Report at 12:00. We'll have full coverage of Governor Mark Carney's briefing after the report is released - and analysis of every cough and spit.

    Give us your thoughts at bizlivepage@bbc.co.uk and follow me on Twitter at @cajuk