Breaking: The Bank of England has cut the base rate by 25 bps to 5.0% from 5.25%. Out of 9 Monetary Policy Committee members, 5 voted for a cut and 4 voted to hold rates steady.
The Bank has implied that borrowers should not expect rates to come down as quickly as they went up. Markets think there might be one more cut this year, and that borrowing costs will come down quite gradually.
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