Bank of England cuts interest rates to 4.5% as it downgrades growth forecast

Andrew Bailey, Governor of the Bank of England, during the monetary policy report press conference (Kin Cheung/PA) - (PA Wire)

UK interest rates have fallen to 4.5% after the Bank of England voted to cut borrowing costs, as it also slashed short-term growth forecasts for the economy.

The Bank’s Monetary Policy Committee (MPC) voted for a quarter-point reduction after similar cuts in August and November last year, bringing the base rate to its lowest point since June 2023.