Bank of England cuts interest rates for first time since 2009; Expands QE

Members of the Monetary Policy Committee voted unanimously for a rate cut, in a widely anticipated move, following a decision to leave rates on hold in last month's meeting. The Bank said the majority of MPC members expected interest rates to be reduced to zero by the end of the year. In addition to the rate cut, Bank of England governor Mark Carney has announced an extra £70bn in quantitative easing, supported by a six to three vote by the MPC members. This will include £60bn in government bond purchases, topping up the total QE asset purchasing package to £435bn, and an additiona...