Bank of England cuts rates to 4% after narrow 5-4 vote

Pedestrians pass the Bank of England (BOE) in the City of London, UK, on Thursday, May 11, 2023. Photographer Hollie Adams/Bloomberg

LONDON: The Bank of England cut interest rates on Thursday but four of its nine policymakers - worried about high inflation - sought to keep borrowing costs on hold.

Difficulty reaching an agreement meant the Monetary Policy Committee had to hold two rate votes for the first time in its history.