Bank of England cuts interest rates to 3.75%

Quarter-point cut widely forecast in City following steep fall in inflation and weak economic dataThe Bank of England has cut interest rates by a quarter point for the fourth time this year, delivering a pre-Christmas boost to the struggling UK economy.After leaving borrowing costs on hold in a split vote last month before the budget, the Bank’s nine-member monetary policy committee (MPC) said on Thursday it would reduce the base rate from 4% to 3.75%. Continue reading...