Bank of England cuts rates from 16-year high by a quarter point to 5%

The Bank of England (BoE) has cut interest rates for the first time in four years, following a close 5-4 vote by its policymakers. The central bank reduced borrowing costs by a quarter-point to 5.0%, with Governor Andrew Bailey leading the decision. He emphasized the BoE's cautious approach to future monetary policy adjustments.