Committee voted by five votes to four in favour of cut as governor says inflationary pressures have eased enoughHow will Bank of England interest rate cut affect my finances?Relief for borrowers as UK interest rates cut but little sign big reductions to comeBusiness liveThe Bank of England has cut interest rates for the first time since the start of the Covid pandemic, moving to ease the pressure on households after ratcheting up borrowing costs to combat the worst inflation shock in four decades.In a finely balanced decision after holding borrowing costs at the highest level since the 2008 financial crisis for a year, the Bank’s monetary policy committee (MPC) voted by a narrow majority to cut its base rate by a quarter of a percentage point to 5%. Continue reading...