The Bank of England has cut interest rates from 4% to 3.75% - the lowest level in nearly three years. Here's the detail:

• The decision was widely expected but it was another knife-edge vote, with policymakers voting 5-4 in favour of a cut
• Concerns about weak economic growth and rising unemployment outweighed worries about inflation, which is falling but remains above the Bank’s 2% target
• The Bank expects inflation to near 2% by the middle of next year, partially due to the government’s tax and spending policies announced in last month’s Budget
• Interest rates are likely to continue on a gradual downward path, Bank governor Andrew Bailey says, but he adds "with every cut we make, how much further we go becomes a closer call"
• The Bank's next meeting to consider interest rates is schedule for 5 February