The Bank of England has cut interest rates to 0.25% - a new record low and the first cut since 2009.
The BoE also reduced its 2017 growth predictions from 2.3% to 0.8%.
It also announced a new range of measures to try to stimulate the UK economy following the country's decision to leave the European Union.
Our UK Correspondent Olly Barratt reports…
IN: Significant moves
OUT: to leave the EU
DUR: 42 seconds