Bank of England cuts interest rates to a new historic low of 0.25%

File photo dated 06/03/14 of the Bank of England in London. Picture: Gareth Fuller/PA Wire

File photo dated 06/03/14 of the Bank of England in London. Picture: Gareth Fuller/PA Wire - Credit: PA

The Bank of England cut interest rates to a new historic low of 0.25% from 0.5% today, to boost the economy after the Brexit vote.

The Bank also unveiled a package of measures worth up to £170 billion, including increasing its quantitative easing programme by £60 billion to £435 billion.

Britain is expected to avoid recession, but the Bank warned over 'little growth' until the end of the year and delivered its biggest downgrade on record for 2017-2018.