Bank of England cuts interest rates as borrowing costs to fall ‘gradually’

The Bank of England has cut UK interest rates (Yui Mok/PA) - (PA Wire)

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.