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.