The Bank of England allotted 37.059 billion pounds ($49.52 billion) in seven-day funds in its weekly short-term repo on Thursday, down from last week's record 44.523 billion pounds.

Governor Andrew Bailey has hammered home the message that rates will only fall 'gradually' - even though inflation has dropped close to 2 per cent.

Bank of England policymaker urges ‘steady-as-she-goes’ approach to rate cuts - Megan Greene said it is ‘appropriate to take a gradual approach’ to future interest rate cuts, after the Bank held the base rate at 5% this month.