Bank of England

The central bank decides to hold interest rates at 4.25% with inflation remaining above its target level.

Interest rates, set by the Bank of England, affect mortgage, loan and savings rates for millions.

Food prices grew for a third month in May, as the overall rate of inflation remained at 3.4%.

Mortgage lengths have stayed above 30 years despite some falls in interest rates.

Andrew Bailey says he does not take a view on Brexit, but reversing the post-Brexit hit to UK-EU trade would be "beneficial".

The Bank cuts rates for the second time this year, saying the slowdown in inflation was behind the move.

There is greater competition among mortgage firms but no guarantee that rates will keep falling, brokers say.

It is the biggest lender so far to offer cheaper deals as the Bank of England is forecast to make more interest rate cuts this year.