Bank of England cuts interest rate to historic low

The Bank of England has slashed interest rates for the first time in more than seven years and delivered an emergency package worth up to £170bn to ward off recession following the Brexit vote.

Policymakers voted unanimously to cut rates to a new historic low of 0.25% from 0.5% - the first cut since March 2009, when the Bank reduced rates at the height of the financial crisis.