The Bank of England cuts interest rates by 25 basis points

The Bank of England has cut interest rates by 25 basis points, reducing the benchmark rate from 4.75% to 4.5%, in line with market expectations. This is the third rate cut in this cycle. Following the announcement, GBP/USD fell short-term by 60 points and is now reported at 1.2365. The Bank of England stated that this decision was passed with a vote of 7-2 (the last meeting was voted on as 6-3).