Bank of England

Live updates

So much hinges on what Chancellor Rishi Sunak offers to subsidise the incomes of the millions of employees, writes Robert Peston.

The rate cut is the second in just over a week, down from 0.25% to 0.1%.

It’s day 3 in the job for the new Governor of the Bank of England. Andrew Bailey has walked straight into an emergency, writes Joel Hills.

It said the economic shock from Covid-19 ‘could prove sharp and large, but should be temporary’.

The new polymer banknote has been hailed by the Bank of England as its most secure yet.

The Bank judges that the economy probably flat-lined in the last three months of 2019, suffocated by Brexit and election uncertainty.

The 121st Bank of England governor will be Andrew Bailey. The chancellor said he was “the stand out candidate” during the recruitment.

In a previous role at the Bank, he played a key role in the state bailout of Royal Bank of Scotland and Lloyds.

The next governor is due to start in early February, after incumbent Mark Carney steps down on January 31.

The Bank of England has, unexpectedly and for the first time, put together an economic forecast based on a proposed Brexit deal.