Bank of England Cuts Interest Rates by 25 Basis-point to 4.75%

The Bank of England (BoE) cut interest rates by 25 basis points to 4.75% on Thursday, in line with expectations.

This is the second time the bank has cut interest rates in three months, as inflation has fallen to its lowest level in more than three years.

The Bank of England's Monetary Policy Committee voted 8-1 in favor of the decision. The central bank began its rate easing cycle in August.

Policymakers indicated that inflation will continue to ease in their decision, adding that further cuts could be expected if price growth remains stable.

However, the bank said it now expects inflation to rise slightly in 2025, rising to around 2.75%, before falling back to its 2% target, according to a report published by the "CNBC".

BoE Governor Andrew Bailey said, at a press conference shortly after the interest rate decision: "Based on the evolving evidence, a gradual approach to removing policy restrictions remains appropriate."