Bank of England cuts basic rate to 5% in divided vote; monetary policy will continue restrictive

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Bank of England cuts basic rate to 5% in divided vote; monetary policy will continue restrictive

The Bank of England Monetary Policy Committee, MPC at its meeting ending on 31 July 2024, voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%.