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Papers: Bank of England to cut interest rates this week

The Bank of England looks set to cut interest rates, while Rolls Royce acquires a Spanish firm

a Rolls Royce badge on the front of one of its cars
The luxury car manufacturer and power systems designer is to acquire a Spanish engineering firm

The Bank of England (BoE) is set to cut interest rates to “new historic lows” later this week, according to the Financial Times.

The cut will come as part of the BoE’s attempts to ease the pain caused by the UK’s decision to leave the EU last month and the subsequent economic volatility.

The FT says that financial markets have already priced in a 75% chance of interest rates being cut from 0.5% to 0.25% this week.

Rolls-Royce Holding PLC (LON:RR) has said it will pay  £555mln to acquire the remaining 53.1% share of Spanish engineering firm Industria de Turbo Propulsores.

ITP – which is owned by Sener Grupo de Ingeneria – designs and manufactures aero-engine components which Rolls Royce uses in its engines.

The deal with Bilbao-based ITP is expected to go through early next year.

Women drivers could get better deals on their car insurance because of Brexit, this morning’s Telegraph claims.

The paper says insurers are hoping to scrap rules introduced by the European Union which banned them from basing their prices on whether the customer was male or female.

Some firms have complained that they are forced to offer unfair prices to some drivers, such as young women, who shoulder the cost of higher claims from younger men, although the AA says any reversal would be unlikely.

 And finally, a cash machine was stolen from the T in the Park music festival in Scotland over the weekend as hundreds of revellers partied on none-the-wiser.

Police are now appealing for more information and have said the cash machine contained “a significant amount” of money.

How somebody managed to steal an ATM machine in plain sight from a festival is so far unexplained, although local security were taking no chances as they vigilantly patrolled the remaining machines.

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