The Bank of England has today cut interest rates to 0.25%, the first move it has made since cutting them in March 2009, and boosted QE and its bond purchasing programme.
The members of the Monetary Policy Committee voted unanimously for a rate cut, in a widely anticipated move, following a decision to leave rates on hold in last month's meeting.
The Bank said the majority of MPC members expected interest rates to be reduced to zero by the end of the year.
This month's meeting also marks the last time Martin Weale will take part in the decision process, having spent six years on the committee. He has voted for a rate hike several times against the majority.
In addition to the rate cut, Carney has announced an extra £70bn in quantitative easing, supported by a 6-3 vote by the MPC members.
This will include £60bn in government bond purchases, topping up the total QE asset purchasing package to £435bn, and an additional corporate bond buying programme of up to £10bn.
The £10bn of corporate bonds will include sterling-denominated investment grade issues by by companies that make a "material contribution" to the UK economy.
There has been strong speculation the Bank would cut rates following Brexit after governor Mark Carney (pictured) told markets "monetary policy easing" would be required this summer.
Markets particularly anticipated a cut in August as many were surprised by Carney's decision to hold off from making a move in July, in the immediate aftermath of the referendum outcome.
Bank rates have been held at 0.5% for over seven years, since being cut from 1% to 0.5% back in March 2009.
Meanwhile, the Bank has downgraded its growth outlook by the biggest amount in 20 years, saying the outlook for the economy had "weakened markedly".
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