The Facts

• The Bank of England (BoE) has cut interests rates to 4.75% – down 0.25 points from 5%. This is the second interest rate cut by the BoE this year.

• The BoE's monetary report summary states the decision, which was passed in an 8-1 vote by the Monetary Policy Committee (MPC), was based upon "continued progress in disinflation" – citing in particular "abated" external shocks.

• In August, the BoE began cutting interest rates from a 16-year high of 5.25%, having risen 14 consecutive times between Mar. 2020 and Dec. 2021 as inflation hit a peak of 11.1% in Oct. 2022.