Bank of England cuts interest rates to 4.75%

UK interest rates could take longer to fall further after the Bank of England forecast that inflation will creep higher after last week's Budget.

Bank governor Andrew Bailey said rates were likely to "continue to fall gradually from here”, but cautioned they could not be cut "too quickly or by too much”.

Investors now do not expect any further rate cuts this year, with the Bank likely to hold rates at its next meeting in December.