UK interest rates have been cut for the first time in more than four years, releasing some pressure on borrowers as the Bank of England was encouraged by signs that inflation has slowed.The Bank reduced rates from 5.25% to 5%, following a split vote which saw some members of the Monetary Policy Committee (MPC) prefer to keep the level unchanged.

UK interest rates have been cut for the first time in more than four years, releasing some pressure on borrowers as the Bank of England was encouraged by signs that inflation has slowed.The Bank reduced rates from 5.25% to 5%, following a split vote which saw some members of the Monetary Policy Committee (MPC) prefer to keep the level unchanged.