Monetary Policy Committee (MPC) unanimously decided to cut the repo rate by 25 basis points, bringing it down from 6.50% to 6.25%. The decision is aimed at balancing growth with inflation control.

The Times also says the Bank's alert is a setback for Reeves as it says there was a warning of a new squeeze on living standards. The Bank cut interest rates to 4.5% as it attempts to stimulate the ...