The Bank of England has cut interest rates to 4.75%, in a widely expected move
It's the second cut in the base rate this year - it came down from 5.25% to 5% in August
The Bank's base rate heavily influences the cost of borrowing, including mortgages - a lower rate is supposed to encourage consumer spending
Chancellor Rachel Reeves welcomes the cut, but says she is "under no illusion about the scale of the challenge facing households" - while new shadow chancellor Mel Stride warns Labour to "not undo" the Tories' hard work
Bank of England governor Andrew Bailey says it is "likely that interest rates will continue to fall gradually from here" - but adds inflation needs to stay close to the 2% target
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