Bank of England cuts interest rates as borrowing costs to fall gradually
UK interest rates have been cut for the second time this year, as the Bank of England forecast a “gradual” reduction in borrowing costs despite uncertainty following the autumn Budget. The Bank’s Monetary Policy Committee (MPC) announced that rates were being reduced from 5% to 4.75% on Thursday. Governor Andrew Bailey said UK inflation falling below its 2% target meant policymakers had been able to cut rates to the lowest […]