Bank of England cuts policy rate to 4.75%
Policy committee votes by 8–1 to reduce bank rate by 25bp
The Bank of England (BoE) has cut its policy rate by 25 basis points to 4.75%.
The bank announced today that its monetary policy committee had voted by 8–1 to loosen policy, with the one dissenting member voting to hold the bank rate at 5%.
The BoE judged that the risks to disinflation were sufficiently low to justify a continuation in the gradual loosening of policy. In a statement, it said external shocks had abated, which had led to continued progress in disinflation, though domestic
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