The Bank of England reduced its benchmark interest rate by 25 basis points to 4.75% on Thursday, as expected. The easing cycle was kicked off by the Bank of England in August, but it had chosen to hold rates steady in September.

LONDON, Nov 7 (Reuters) - The Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual, seeing higher inflation and growth after the new government's first budget.

The Bank of England (BoE) has cut its policy rate by 25 basis points to 4.75%. The bank announced today that its monetary policy committee had voted by 8–1 to loosen policy, with the one dissenting member voting to hold the bank rate at 5%.