Economic Buzz: Bank Of England cuts rates by 25 basis points, borrowing costs at lowest since Feb-23

Bank of England or BOE has cut its interest rate by 25 basis points today. The Monetary Policy Committee (MPC) lowered the bank rate to 4.25%. Five members of the MPC voted in favor of 25 basis point reduction and two members wanted a bigger 50 basis point cut. Another two members preferred to hold the bank rate at 4.50%. The bank noted that a gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate.This marks the BoE?s first rate move since March, when it it held rates steady at 4.5% after a series of three cuts over the preceding seven months. Rates are at their lowest since February 2023.

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