Anglo American rejects second ‘highly unattractive’ takeover approach from BHP, worth £34bn – as it happened

Rolling coverage of the latest economic and financial news

• Rise in ultra-long mortgages poses risk to UK retirement prospects'
• Jacob Rees-Mogg accuses Bank of England of miserable incompetence' over inflation

A cut to UK interest rates next month is now more likely than not, according to the money markets.

LSEG data this morning shows there is a 54% chance that the Bank of England lowers base rate to 5% at its June meeting, and a 46% chance that it leaves rates on hold at 5.25%.