Britain cuts rates to mitigate the impact of June’s Brexit vote

As expected, the Bank of England announced a 25 basis points cut in its bank rate to 0.25% from 0.50% following last week’s meeting of its Monetary Policy Committee (MPC).

The decision was unanimous, with all nine Committee members voting for the rate cut.

It was the first change to the bank rate since March 2009, when it was reduced from 1.00% to 0.50%.