Chancellor Rachel Reeves welcomes the cut, but says she is "under no illusion about the scale of the challenge facing households".

AXA Investment Managers are sticking with their forecast of one quarter-point cut to UK interest rates per quarter next year. That would bring Bank rate down to 3.75% at the end of 2025. Gabriella Dickens,

The Bank of England has begun its post-decision press conference. Governor Andrew Bailey said U.K. disinflation was faster than expected, but he wants service inflation - of which he tends to be particularly wary because of its impact on wages - to fall further.