Bank of England

Price pressures across a number of areas have seen UK CPI annual inflation rise from 4.2% in June to 4.4% in July.

The UK's major banks remain on course to meet their targets for lending to businesses as part of their commitment to Project Merlin.

Sterling was weaker against other major currencies after the Bank of England cut its growth forecast for this year.

UK consumer price inflation fell from 4.5% in May to 4.2% in June despite food prices remaining high.

The Bank's decision to maintain interest rates splits opinion among economists.

The Bank of England's Monetary Policy Committee (MPC) has left rates on hold at 0.5%.

Sir John Gieve, the former deputy governor of the Bank of England, has called for the MPC to scrap plans for further quantitative easing or else risk a 20% devaluation in sterling and higher inflation for longer.

The UK banking sector faces a further shake-up as the BoE's Financial Policy Committee (FPC) recommended an audit on banks' exposure to eurozone debt, as well as recommending cuts in dividends and bonuses.

One of the Bank of England's (BoE's) senior policymakers has hinted a further round of quantitative easing (QE) remains an option for the UK's central bank.

Mervyn King has claimed low capital requirements and inadequate limits on leverage have been the most "tragic" aspects of financial regulation.