Interest rates cut by 0.25pc

BANK of England policymakers have cut interest rates for the second time in three months.The Monetary Policy Committee (MPC) voted to reduce rates by a quarter-point.

BANK of England policymakers have cut interest rates for the second time in three months.

The Monetary Policy Committee (MPC) voted to reduce rates by a quarter-point to 5.25 per cent.

But hopes of a more dramatic cut were dashed, despite calls from retailers for a reduction to 5pc.

Monthly repayments on a typical £100,000 mortgage by around £16 a month to £722.80, based on a new rate of 7.25pc .

Those with a home loan of £250,000 will see around £40 knocked off their monthly repayments

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