Inflation falls to 8.7% largely because last year's energy spike has dropped out of the annual comparison
The hike — the 12th in a row — puts more pressure on borrowers
A bigger than foreseen increase in consumer spending has lifted the U.K. above Italy
The central bank halted dividend hikes for lenders last March before loosening restrictions in December
The bank is projecting economic growth of 7.25% for the U.K. in 2021
The new currency would exist alongside cash and bank deposits
Monthly data indicated the economy began to bounce back in June
EU leaders are expected to endorse a financial aid package worth 540 billion euros
In addition to cutting the rate to 0.1%, the central bank said it was relaunching its monetary stimulus program
In addition to the rate cut, the central bank announced other emergency measures