The Bank of England on Thursday voted to hold the benchmark interest rate at the current level of 4 per cent. The quantitative tightening envelope for the next 12 months was lowered from £100bn to £70bn.

Andrew Bailey has done little to ease the monumental challenge facing Rachel Reeves in her Budget in November.

The Bank of England is set to announce its latest interest rate decision in just a few minutes. While there’s always a degree of uncertainty, most economists expect rates to be held steady at 4%.

The Bank of England kept rates unchanged on Thursday and said it was slowing the pace of its quantitative tightening programme and skewing sales away from long-dated gilts to minimise the impact on turbulent bond markets.

FT reports Bank of England’s plan to cap systemic stablecoin holdings faces pushback from Coinbase and UK trade groups over enforcement and competitiveness.

That, as our colleague Conor Cooper points out, is after Chair Powell pushed back against betting that the Fed is now set to sweep in with a series of reductions, instead calling this a “risk-management” cut and stressing that the decision making will still be meeting-by-meeting.

The Bank of England looks set to slow on Thursday the 100 billion-pound-a-year pace at which it reduces its government bond holdings following increased volatility in bond markets, while keeping its main interest rate on hold.

Interest-rate decisions are due from the Bank of England and the Bank of Japan, plus earnings from companies such as FedEx are slated. Here’s what to watch for: Today Economic data: Weekly jobless cla