Bank of England cuts key UK interest rate to 4.50% as economy stagnates

The Bank of England has cut its main interest rats for the third time in six months as the British economy is struggling to post any meaningful growth.In a statement Thursday, the bank said the nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.50%, taking it to its lowest level since mid-2023.The base rate helps dictate how expensive it is for individuals to take out a mortgage or a loan, while also influencing the returns offered by banks on savings.The latest cut reflects some concern about the outlook for the British economy, which has barely grown over the past six months.