The Bank of England’s monetary policy committee voted 5–4 to lower its bank rate by 25 basis points to 5% on August 1, after the Federal Reserve held rates the previous day. The decision was the BoE’s first rate cut since March 2020. The rate had remained at 5.25% since last August. The bank’s governor, Andrew Bailey, said inflationary pressures had eased enough for the bank to be able to cut rates. Annual consumer price index inflation was at 2% in May