The Bank of England has cut interest rates for the first time in more than four years.
The rate has been cut from 5.25% to 5%.
The Bank’s Monetary Policy Committee (MPC) had previously held the rate seven times in a row.
It comes after inflation recently fell back to the Bank’s target of 2%.
Be the first to get Breaking News
Install the Sky News app for free
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
