Live updates

Former Chancellor approves BoE's economic measures

George Osborne posted tweets in support of the interest rate cut. Credit: Jonathan Brady / PA Wire

Former Chancellor George Osborne has tweeted his approval for the Bank of England's (BoE) decision to cut interest rates and introduce other measures to support the UK's post-Brexit economy.

Osborne, who has been recognised for his work at the Treasury by former Prime Minister David Cameron with a Companion of Honour, called the BoE's announcement a "triple whammy".

Advertisement

Banks have 'no excuse' not to pass on interest rates cut

High Street banks have "no excuse" not to pass on the Bank of England's cut to a record low 0.25% base interest rate to their customers, Governor Mark Carney has said.

Responding to a question from ITV News Economics Editor Noreena Hertz, Mr Carney also explained why he was "not a fan of negative interest rates".

Advertisement

Governor: Bank's £170bn package 'timely' after Brexit

Governor Mark Carney was speaking after the Bank reduced interest rates to a record low level.

The Bank of England's emergency £170 billion package of measures is a "timely, coherent and comprehensive" after Brexit, Governor Mark Carney has said.

Mr Carney said the package to prevent a recession met "the need for (economic) stimulus now" and is "appropriately sized" for the market shock of Britain's exit.

He said all the measures can be increased.

ITV News Business Editor Joel Hills said the Bank estimates growth will be 2.5% lower in the coming years because of Brexit.

Rates cut is biggest single growth downgrade in 23 years

The interest rates cut represents the biggest single downgrade to growth in 23 years and what happens next is "highly uncertain", ITV News Business Editor Joel Hills has said.

Joel Hills added that the record-low inflation rate cut could benefit around half of Britain's 11 million households.

Load more updates