India, Feb. 6 -- The Bank of England lowered its key interest rate by a quarter-point as widely expected on Thursday but two policymakers sought a bigger reduction citing the sluggish U.K. economy and the heightening uncertainty over trade tariffs.
The Monetary Policy Committee, led by Governor Andrew Bailey, voted 7-2 to reduce the benchmark bank rate to 4.50 percent from 4.75 percent.
The decision to reduce the rate to the lowest since June 2023 came in line with expectations. Previously, the BoE had reduced the rate by 25 basis points each in August and November last year.
MPC members Swati Dhingra and Catherine Mann called for a bigger rate cut of half percentage point.
The MPC judged that there has been sufficient progress on disin...