The Bank of England has slashed interest rates to 4.25 per cent in a boost to mortgage-holders, marking the lowest level for two years as the central bank warned an escalating global trade war will drag on growth over the next three years.
Five members of the Bank’s nine-strong Monetary Policy Committee voted for the 0.25 percentage point cut, while two members voted to hold rates at 4.5 per cent, and a further two called for a sharp cut to 4 per cent.
