THE Bank of England’s first interest rate cut in more than four years needs to be “the first of many” as millions of families and businesses grapple with sky-high bills and mortgages, the TUC said today.

The bank played down hopes for any dramatic shifts after its monetary policy committee voted to cut rates from 5.25 per cent to 5 per cent, with experts predicting the next to be in November.

TUC general secretary Paul Nowak said: “This rate cut will give relief to millions of families and businesses — and needs to be the first of many.