The Bank of England surprised markets by making an unexpected dovish move, reducing interest rates by a quarter-point to 4.5% from 4.75%. This is the third rate cut since August, and it has sent the British pound and bond yields lower. A hawkish voter had predicted a half-point rate cut, but the Bank of England’s decision was more cautious than expected.
Source: https://www.marketwatch.com/story/bank-of-england-cut-interest-rates-by-a-quarter-point-f5bd37c7