UK borrowing costs are cut for the second time this year, despite tax changes and a Donald Trump victory in the US casting uncertainty over the future path of interest rates.The Bank of England reduced interest rates to 4.75% on Thursday.Rates previously sat at 5% after being cut by 0.25 percentage points in August, the first reduction since 2020, then kept the same in September.Experts said inflation falling below the Bank's 2% target level will encourage policymakers to continue easing interes

UK borrowing costs are cut for the second time this year, despite tax changes and a Donald Trump victory in the US casting uncertainty over the future path of interest rates.The Bank of England reduced interest rates to 4.75% on Thursday.Rates previously sat at 5% after being cut by 0.25 percentage points in August, the first reduction since 2020, then kept the same in September.Experts said inflation falling below the Bank's 2% target level will encourage policymakers to continue easing interest rates, releasing some more pressure on borrowers and mortgage holders across the UK.