Bank of England policymakers are now answering questions from the media.

The first is whether the Bank is sending the message that “interest rates will remain high for longer than they otherwise would have been” after the budget.

Governor Andrew Bailey begins by saying that the interest rate cut is “significant in the context of current events.”

“I will just emphasize again that we will learn a lot about the effects of the budget as it passes – and I think it is important that we have time to do that and it underlines the message that we have been sending Today.”

Sir Dave Ramsden, deputy governor, says there has been “movement since the budget”.

“We’re seeing a lot of movement in the curve right now, given events happening nationally or globally,” he adds.

Will mortgage rates be higher?

The Monetary Policy Committee was asked whether people in their country should expect mortgage rates to be higher than they otherwise would be because of the budget.

“Obviously we cut rates today, so we’ll see how that plays out,” Mr Bailey said.

“But obviously how that plays out on most mortgages now depends on where the curve is moving. Because obviously most mortgages are priced outside the swap curve because it’s for most fixed-rate mortgages.”

He believes it is not reasonable to conclude that the evolution of interest rates will be different, but he says any change is of a “different order of magnitude” which the Bank has spoken about in press conferences in recent years.