Another Bank of England rate cut this year less likely given inflation fears and split vote – as it happened

Monetary Policy Committee has cut UK interest rates today, in a deeply split decision, but City pricing suggests another cut in 2025 is no longer fully priced in

• UK interest rate cut: what does it mean for mortgages and savings?

• Analysis: Bank's base rate gift signals wage rise conflict is on the way

Donald Trump's plan to impose 100% tariffs on semiconductors would be devastating" for the Philippines, an industry leader has warned today.

The president of the Philippine semiconductor industry Dan Lachica said that around 70% of the country's electronic exports are semiconductors, Reuters reports.

We'll be putting a tariff of approximately 100% on chips and semiconductors. But if you're building in the United States of America, there's no charge."