BOE Voted 9-0 For Rate Cut

The Bank of England's interest rate setters voted unanimously to cut interest rates from 4.5% to 3% on 6 November, but considered a bigger cut.

The minutes from the meeting show that they decided a bigger cut would risk shocking the markets too much.

But there were suggestions that there may be further cuts in interest rates in the coming months.

The one-and-a-half percentage point cut was the biggest since 1981, taking rates to the lowest level since 1955.

The minutes said that rates might have to be cut to 2.5%, or even lower, to stop inflation falling too far below the Bank of England's target next year.