Bank of England cuts interest rates

(Sharecast News) - The Bank of England trimmed interest rates on Thursday for the second time this year, as widely expected.

The rate-setting Monetary Policy Committee voted by eight to one to reduce the cost of borrowing by 25 basis points to 4.75%.

It is the second cut so far this year, after the MPC trimmed rates for the first time in over four years in August.

Thursday's cut was widely anticipated after inflation dropped unexpectedly in September to 1.7%, the lowest rate for more than three years and below the BoE's 2% target.

The MPC kept rates on hold at 5% at its last meeting in September