The Latest Breaking News from Andrew Bailey

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.

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

Editorial: As the US president’s family profits from private money, the Bank of England is showing necessary leadership by rejecting the hype

The Bank governor scrapped a three-way meeting involving the Prudential Regulation Authority, the Treasury and the fintech firm.

COMMENT : Digital currencies are coming, but the governor is acting like a stick in the mud. His conservatism means Britain will be late to the party with the future of this new form of money shaped by others, says James Moore