Bank of England cuts rates by 0.25%

The Bank of England has cut its key UK interest rate by 0.25% to 5.75%. It is the first cut for nearly two years. The decision, announced at noon in London on Feb 8, 2001, followed the latest two day monthly meeting of the Bank of England's Monetary Policy Committee. It is the first move in interest rates since February 2000. The decision was widely expected by analysts who believed that the threat of a slowdown in the UK economy had risen sufficiently to warrant a cut of at least 0.25%.