Bank votes for rate cut to 4.75%

THE Bank of England has cut interest rates to 4.75% at its November Monetary Policy Committee (MPC) meeting, the second reduction of UK borrowing costs in four months.

Eight of the committee members voted in favour of cutting the base rate, versus one who preferred to keep it unchanged.

Bank of England governor Ang Ba Andrew Bailey said: "We need to make sure inflation stays close to target, so we can't cut interest rates too quickly or by too much. But if the economy evolves as we expect it's likely that interest rates will continue to fall gradually from here."

Mr Bailey, alongside policymakers Sarah Breeden, Swati Dhingra, Clare Lombardelli, Dave Ramsden, Megan Greene, Jonathan Haskel and Huw Pill, voted to cut, while Catherine Mann voted to maintain the base rate at 5%.