Bank of England cuts key UK interest rate to 4.50% as economy stagnates
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In a statement Thursday, the bank said the nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.50%, taking it to its lowest level since mid-2023.
Seven of the members backed the cut, while the other two voted for an even bigger reduction of half a percentage point to 4.25%.
The base rate helps dictate how expensive it is for individuals to take out a mortgage or a loan, while also influencing the returns offered by banks on savings.
The latest cut reflects some concern about the outlook for the British economy, which has barely grown over the past six months. In forecasts accompanying the decision, the bank halved its growth projection for the British economy to 0.75%.
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