The Bank of England lowered its benchmark rate for the first time since the onset of the coronavirus pandemic as inflation receded and the underlying growth momentum remained weaker.
In a very close call, the Monetary Policy Committee, led by Governor Andrew Bailey, decided to cut the bank rate by a quarter-point to 5.00 percent from 5.25 percent, which was the highest since early 2008.
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by Renju Jaya
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