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The Bank of England has cut interest rates to 4.75 per cent after inflation fell to a three-year low in September.
The eight-to-one decision to cut the base rate by 0.25 percentage points was in line with the expectations of economists polled by Reuters. The BoE kept rates on hold at its previous meeting in September, following a reduction in August.
Inflation hit 1.7 per cent in September, the first time it has dipped below the BoE’s 2 per cent target since 2021.
This is a developing story