Bank of England cuts interest rates and forecasts gradual reduction in borrowing costs
The Bank of England, London
THE Bank of England cut interest rates for the second time this year today as it forecast a gradual reduction in borrowing costs.
The Bank’s monetary policy committee (MPC) announced a reduction from 5 per cent to 4.75 per cent.
Governor Andrew Bailey said Britain’s inflation falling below its 2 per cent target meant policymakers had been able to cut rates to their lowest level since June last year.
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