The focuses of this week’s headlines were not short of variety, from the post-Brexit revision of the UK’s economic outlook, twists and turns of political leadership contests, a conservative endorsement of same-sex marriage in Northern Ireland, to the revelation of political party incomes.

On Thursday the Bank of England cut UK interest rates from 0.5% to 0.25% – a record low, and the first cut since 2009 – with a warning they could go lower if the economy deteriorates further. The Bank announced the biggest cut to its growth forecasts since it started making them in 1993. The Governor of the Bank, Mark Carney said June’s vote to Brexit has changed the economic outlook significantly. The cut to interest rates is part of a four-point plan to stimulate the economy amidst uncertainty. Attention will turn to the Chancellor of the Exchequer Phillip Hammond and what actions he might take in his Autumn Statement.

The repercussions of Brexit extend even to the heart of UKIP, the political party that forced the referendum in the first place. As the contest to replace outgoing leader Nigel Farage continues, this week the bookies’ favourite Steven Woolfe was ruled “ineligible” to stand after submitting his nomination papers late. The party’s biggest donor Arron Banks claims a “semi-coup” is in motion that could split the party entirely. With its mission of Brexit on the brink of accomplishment the search for a new raison d’être poses more problems than those posed by internal processes or personality politics.

If a UKIP split is holding back their potential for political gains, the Labour Party leadership contest is preventing Britain from having an effective opposition to the government. This week saw the first hustings debate between incumbent Jeremy Corbyn and challenger Owen Smith. Corbyn has set out a ten-point plan including a target of full employment and spending £500billion on infrastructure projects. Smith is calling for a British “New Deal” which would entail funding infrastructure spending through raising business taxes and borrowing £200billion.

Marking Pride Week in Belfast, leader of the Conservative Party in Scotland Ruth Davidson – who is openly homosexual – spoke in favour of same-sex marriage legislation in Northern Ireland. Currently, Northern Ireland is the only jurisdiction in the UK and Ireland where same-sex marriage remains illegal. On five occasions it has been tabled at the Assembly; on four of these it was defeated by a majority of votes; on the fifth attempt in November 2015 it passed with a slim majority but was blocked by the DUP’s use of a petition of concern. Time will tell when a similar bill will be tabled again and what approach the DUP will decide to take next time around.

Also this week, accounts published by the Electoral Commission revealed that four of Northern Ireland’s largest political parties (the DUP, Sinn Féin, UUP and SDLP) raised almost £200,000 more in income in 2015 than they did in 2014. As reported by the BBC, Sinn Féin had the most income in 2015 with £1,162,851, down from 2014’s figures. The DUP raised £533,682 in 2015, up from £482,370. The SDLP’s income rose from £440,344 in 2014 to £543,704 in 2015. The UUP’s rose from £342,642 in 2014 to £412,805 in 2015. Income revenue sources include official grants, membership contributions and donations, though in Northern Ireland – unlike the rest of the UK – big name donors are not made available due to security reasons.