Bank of England cuts rates from 16-year high, ‘careful’ on future moves (updated)

The Bank of England cut interest rates from a 16-year high on Thursday after a narrow vote in favour from policymakers divided over whether inflation pressures had eased sufficiently.

Governor Andrew Bailey – who led the 5-4 decision to lower rates by a quarter-point to 5 per cent – said the BoE’s Monetary Policy Committee would move cautiously going forward.

“We need to make sure make sure inflation stays low, and be careful not to cut interest rates too quickly or by too...