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The Bank of England has cut the interest rate to its lowest level in over two years. Loading audio...

The Bank’s Monetary Policy Committee (MPC) reduced the base rate by 0.25 percentage points to 4% on Thursday.

This marks the fifth reduction since August last year, when rates started steadily coming down from a peak of 5.25%.

This decision will likely release pressure for some mortgage holders and home buyers amid hopes that cheaper deals will enter the market if the Bank’s base rate is lowered further.

The cut has been credited to a slowdown in the UK jobs market and stagnant economic growth.

The MPC was initially split on whether to cut rates, with four of the nine-person committee wanting rates to be reduced by 0.25 percentage points to 4% while four wanted to keep

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