BoE cuts rates by 0.25%

The decision to lower rates has been widely anticipated since the last meeting of the MPC which narrowly decided, by a vote of 5-4 in favour, to maintain interest rates at 4.75% in July. But economic pressures including a dwindling housing market, falling consumer confidence and weak retail and manufacturing industries led to calls from the Confederation of British Industries and Council of Mortgage Lenders among others for a rate cut. And earlier this week BDO Stoy Hayward predicted interest rates would be cut twice due to poor economic indicators. In a statement the BoE says: "In...