We thought it was coming now here it is. The Bank of England has announced a rate cut from 0.5% to 0.25%, the first adjustment in UK rates for 7 years.

In addition to this cut and very much with the effect of Brexit in mind, the B of E has announced a further round of QE (Quantitative Easing) and a bond buying programme, both Corporate and Government, to the tune of £60 billion. The aim being that these fund will filter through in the shape of cheaper finance to the businesses that need it. There is provision for further QE if it is needed.

The Bank is looking at a future,weaker economy in general, with the fall in the value of the pound costing our imports more, which in turn will drive inflation higher, most likely above the 2% target. It also sees our production slowing with next year's GDP looking to be about 1.8%, a downgrade from 2.3%.

Unemployment, currently standing at 1.65 million and close to 5% of the available workforce, is also seen higher next year and in 2018 at 5.6%. Not good to see the current downward trend reversed but the forecasted levels are not massively different from current figures.

The Brexit decision is not two months old and the early and decisive action that accompanied the rate cut should be seen by global markets as very positive signs that the  Bank of England is  up with the game if not ahead of it.