Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month.

The Bank also forecast a significant slowing of the US economy hit by its own tariffs. The Bank also said the impact of the National Insurance was "fairly small to date". The Bank of England has cut interest rates from 4.5% to 4.25%. We'll bring you more on this shortly, including the breakdown of how the Bank's committee voted. Stay with us.

The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.