Bank of England lowers Bank Rate by 0.25 percentage points to 4.75%

At its meeting ending on November 6, the Monetary Policy Committee, or MPC, voted by a majority of 8-1 to reduce Bank Rate by 0.25 percentage points, to 4.75%, the Bank of England announced. One member preferred to maintain Bank Rate at 5%. “There has been continued progress in disinflation, particularly as previous external shocks have abated, although remaining domestic inflationary pressures are resolving more slowly,” the BOE stated.