The Bank of England has cut interest rates by 25 basis points but signalled that it would take a “gradual” approach to further rate cuts as the impact of the Budget filters through the economy. Eight members of the Bank’s Monetary Policy Committee (MPC) voted to cut rates for the second time this year, with only Catherine Mann dissenting. It means that the benchmark Bank Rate stands at 4.75 per cent, down from a peak of 5.25 per cent. The Bank cut interest rates for the first time since the pandemic back in August. …
