The Bank of England has cut interest rates by another quarter percentage point, bringing down the cost of borrowing to 4.5%.
And in a sign that households can expect more cuts in the months to come, two members of the Bank's Monetary Policy Committee said they would have preferred to reduce rates even more, by a full half percentage point.
However, the Bank slashed its forecast for economic growth, forecasting that the economy will skirt clear of a formal recession only by the narrowest margin in the coming months, and downgraded its estimate of the economy’s ability to generate income.
