Bank of England cuts interest rates to 3.75% in pre-Christmas boost for struggling economy

Rate-setters back quarter-point cut after steep fall in inflation and weak economic data but vote remained closeBusiness live – latest updatesThe Bank of England has cut interest rates by a quarter point, delivering a pre-Christmas boost to the struggling UK economy, but a split vote among its rate-setters pointed to continued concerns about inflation.The Bank’s nine-member monetary policy committee (MPC) opted by five votes to four to reduce its key base rate from 4% to 3.75%, signalling that it now expects inflation to be “closer” to the 2% target in the first quarter of the new year. Continue reading...