Pound heads for biggest fall in 18 months after Bank of England governor hints at ‘more activist’ rate cuts; Oil hits $77 per barrel – as it happened

Andrew Bailey tells the Guardian the Bank could become a bit more aggressive' in cutting interest rates if news on inflation continued to be good

• Full story: Sterling slips after Bank of England boss hints at aggressive' rate cuts
• Bank of England governor warns of Middle East oil shock risk

Today's fall means the pound has now lost all its gains against the dollar over the last two weeks, since the US Federal Reserve slashed its lending rate by half of a percent.

The Fed's jumbo' rate cut weakened the dollar against the pound (and other currencies).