BoE makes expected rate cut

The Bank of England's Monetary Policy Committee cut rates to 5.25%, as widely expected.

Policymakers' fears over a slowdown in growth dominated concerns about above-target inflation.

"The Committee needs to balance the risk that a sharp slowing in activity pulls inflation below the target in the medium term against the risk that elevated inflation expectations keep inflation above target," the Bank said. "Against that background, the Committee judged that a reduction in Bank Rate of 0.25 perce