Bank of England cuts interest rates to 4.75%, in second reduction this year

• 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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