Bank of England expects to cut interest rates again after slashing growth forecasts – as it happened

UK central bank cuts interest rates to 4.5%, and warns growth will be half as fast as expected this year, sending pound sliding

• Bank of England cuts interest rates to 4.5% but halves UK growth forecast
• Two BoE policymakers wanted a larger rate cut (see 12.07pm)
• Evelyn de Rothschild left bank in 2004 after sexual misconduct complaint

Britain's blue-chip share index has hit a new all-time high at the start of trading, as investors anticipate a cut in UK interest rates today.

The FTSE 100 index has gained 0.8% to a new intra-day peak of 8,695 points, up 72 points today, above the previous record of 8,692 points set last month.

After a severe allergic reaction on Monday after the tariff news, markets continued to be relatively sedated yesterday as investors continued to price out the chance of aggressive tariffs.