Good morning. As anticipated, on Thursday the Bank of England cut UK interest rates from 4.75% to 4.5%, their lowest level since June 2023. The cut, the third in six months, will affect mortgages, loans and savings, and offer some relief to borrowers.
The Bank’s monetary policy committee voted 7-2 in favour of the reduction. (In a surprise twist, the two dissenting members pushed for an even bigger cut.)
