Editor
The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased.
In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to five per cent, from the 16-year of 5.25 per cent.
Economists were divided as to whether the bank, which is independent of government, would cut rates given persistent price…
