In a tight 5-4 vote, BoE policymakers agreed to reduce borrowing costs by a quarter-point to 5.0 percent, the central bank announced following a regular meeting.

Unless Truss reverses more of the tax cuts or introduces policies to protect pensioners and mortgage borrowers, turmoil in the UK market will not end soon.

The Bank of England confirms it is researching the financial risks of UK leaving the EU after it "inadvertently" sent details of its work to a national newspaper.