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Bank of England cuts interest rate to 5 percent

  •   Thu, Aug 01 2024 05:40:46 PM

London, Aug 1 (IANS): The Bank of England (BoE) has voted to cut its benchmark interest rate to five per cent, the United Kingdom's (UK) central bank said in a statement on Thursday.

At a meeting on Wednesday, the BoE's Monetary Policy Committee (MPC) voted by a majority of 5-4 to reduce the interest rate by 0.25 per cent points, to 5 per cent, Xinhua news agency reported.

Four members preferred to maintain the rate at 5.25 per cent.

This is BoE's first rate cut in four years.
  

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