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Live updates: Interest rates cut to record low

  • The Bank of England has cut interest rates to a record low
  • The drop from 0.5% to 0.25% is the first cut since March 2009
  • It is designed to boost the economy and ward off recession after the Brexit vote
  • Governor Mark Carney told ITV News high street banks must pass on the cut to customers
  • Our economics editor said a "sledgehammer" of a package had been delivered to avoid recession
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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".

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