The central bank reduced its key interest rate from 4.5% to 4.25% on Thursday amid a backdrop of lackluster economic growth and uncertainty around President Donald Trump’s trade tariffs.
The move is likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.
Five of the BOE’s nine policymakers voted for the cut, with two members wanting a larger 50 basis-point reduction, and two wanting to keep rates on hold.
Watch the livestream for Andrew Bailey's press conference following the rate cut announcement.
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Video at Youtube: https://www.youtube.com/watch?v=L5qPp_8CQ0w