BOE Cuts Rates to Two-Year Low After Unprecedented Re-Vote

The Bank of England cut interest rates to the lowest in over two years in a closer-than-expected decision that leaves investors with what Governor Andrew Bailey called “genuine uncertainty” on its next move.

The Monetary Policy Committee split 5-to-4 in favor of reducing rates by a quarter-point to 4% after deadlock forced it into an unprecedented second vote. The prospect of another reduction this year is now shrouded in doubt.