UK interest rates cut to 4.75% by Bank of England

2 weeks ago 17

Getty Images The Bank of England building with a pillar in front of it, taken from pavement level Getty Images

UK interest rates have been cut for a second time this year to 4.75% from 5%.

The Bank of England's decision means interest rates are at their lowest level for more than a year.

The cut means borrowing money is cheaper, but it is likely to reduce returns for savers.

The Bank had been widely expected to cut rates after inflation fell sharply in September.

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