Bank of England governor says ‘things are moving in the right direction’ after leaving interest rates on hold – as it happened

BoE policymakers were split three ways over interest rate decision, as Andrew Bailey says Bank needs to be more confident that inflation will fall and stay low

• Bank of England sticks with 5.25% interest rate but hints at coming cut
• UK interest rates have peaked, the next move is down ... but not yet

In the banking sector, Deutsche Bank AG is planning to cut 3,500 jobs over the coming years, Bloomberg reports this morning.

The cuts are coming as CEO Christian Sewing tries to lift profitability and return more money to shareholders.

The reductions, most of them back-office roles, are part of cost savings that the Frankfurt-based bank had previously announced.

The lender detailed them as it raised its mid-term revenue target and said it will return 1.6bn to investors in the first half of this year, including through a 675m share buyback.