Bank of England

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

The bank also held interest rates at 0.75% after the first split decision in more than a year.

The UK sits on the cusp of a recession, with economic growth here and abroad slowing, and uncertainty surrounding Brexit.

The Monetary Policy Committee voted unanimously to hold interest rates at 0.75%.

In the face of intensifying uncertainty surrounding Brexit, the Bank of England has decided to sit on its hands.

Alan Turing will be printed on the £50 note from 2021, the Bank of England has said.

The Bank concludes that the “perceived likelihood of a no-deal Brexit has increased since the start of the year”.

Governor Mark Carney said there had been a ‘notable’ rise in no-deal fears in financial markets.

Boris Johnson has claimed the UK can move to a standstill trading arrangement without a Brexit deal under Gatt 24 of the WTO treaty.

The Bank of England predicts Brexit uncertainties will 'subside gradually'.