The Bank of England (BoE) has cut its policy rate by 25 basis points to 4.75%. The bank announced today that its monetary policy committee had voted by 8–1 to loosen policy, with the one dissenting member voting to hold the bank rate at 5%.

The Bank of England reduced its benchmark interest rate by 25 basis points to 4.75% on Thursday, as expected. The easing cycle was kicked off by the Bank of England in August, but it had chosen to hold rates steady in September.

Chancellor Rachel Reeves welcomes the cut, but says she is "under no illusion about the scale of the challenge facing households".