Treasury Minister reacts to UK interest rate cut

Bank of England cuts interest rates to lowest level in two years

UK Interest rates have fallen for the fifth time in a year.

The Bank of England's reduced the base rate from 4.25 percent to 4 - the lowest figure since March 2023.

It's also the Bank's fifth cut since last August.

But four of its nine policymakers voted to keep borrowing costs on hold.

Treasury Minister Alex Allinson explains what this will mean for the Isle of Man: