Bank of England cuts rate and slashes growth forecast

Further stimulus measures part of plan to deal with Brexit fall-out

4th August, 2016
Bank of England may lower rates further Pic: Getty

The Bank of England has cut its key interest rate for the first time in more than seven years and will restart the printing presses as it ramps up defences against a Brexit-induced slump.

Officials, led by Governor Mark Carney, slashed their growth forecasts and voted unanimously to reduce the benchmark rate by a quarter of a percentage point to a record-low 0.25 per cent. Sterling slipped after the announcement, with the euro trading at...

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