Interest rates reduced to near three-year low but further cuts a ‘closer call’

Interest rates have been reduced to their lowest in nearly three years (John Walton/PA) - (PA Wire)

Interest rates have been reduced to their lowest in nearly three years as Budget measures are set to push down on inflation but the Bank of England cautioned that further cuts will be a “closer call”.

The Bank’s Monetary Policy Committee (MPC) voted to reduce rates from 4% to 3.75%.