Bank of England cuts interest rate to 4 pct, lowest in over 2 years

The Bank of England (BoE) announced on Thursday a cut to its benchmark interest rate from 4.25 percent to 4 percent, the lowest level in more than two years, to boost the weakening British economy. The BoE's Monetary Policy Committee voted 5-4 in favour of the quarter-point reduction. British Chancellor of the Exchequer Rachel Reeves welcomed the rate cut. She posted on social media that the cut brings down the cost of mortgages and loans across the UK.