India, May 8 -- The British pound recovered from its recent lows against other major currencies in the early New York session on Thursday, after the Bank of England decided to reduce its interest rate by 25 basis points in a three-way split.
The Monetary Policy Committee lowered the bank rate to 4.25 percent, as widely expected.
Five members of the MPC voted in favor of 25 basis point reduction and two members sought a bigger 50 basis point cut. Another two members preferred to hold the bank rate at 4.50 percent.
A gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate, the bank said.
The committee governed by Andrew Bailey said the progress made on reducing inflationary pressures helped ...