India, Aug. 7 -- The U.K. market is down in negative territory a little past noon on Thursday, extending its morning weakness, as investors largely remain cautious despite the Bank of England (BoE) reducing interest rate by a quarter percentage point this noon.
The BoE cut interest rates from 4.25% to 4% as the central bank resumes a "gradual and careful" approach to lowering interest rates.
The Monetary Policy Committee voted 5-4 to cut the bank rate by 25 basis points. The fifth cut since last August took the rate to the lowest since early 2023.
"A gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate," the bank said in a statement.
The central bank was widely expected to trim rates by...