The Bank of England cut its key interest rate to a new record low of 0.25% and signalled that the rate could fall to 0.1% by Christmas. The central bank also expanded its quantitative easing programme by £60bn.
Governor Mark Carney said banks had no excuse not to pass on the rate cut.
Despite the action it has taken, the BoE expects there to be little growth this year and is forecasting economic growth next year of just 0.8%, down from 2.3% forecast previously. The unemployment rate is expected to rise to 5.4% next year from 4.9%.
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