The Bank of England lowered its key interest rate by a quarter-point as widely expected on Thursday but two policymakers sought a bigger reduction citing the sluggish U.K. economy and the heightening uncertainty over trade tariffs.
The Monetary Policy Committee, led by Governor Andrew Bailey, voted 7-2 to reduce the benchmark bank rate to 4.50 percent from 4.75 percent.
The decision to reduce the rate to the lowest since June 2023 came in line with expectations. Previously, the BoE had reduced the rate by 25 basis points each in August and November last year.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.