London: The Bank of England (BoE) on Thursday announced a reduction in its bank rate by 25 basis points to 4.75%. This decision was made as the bank noted ongoing progress in disinflation efforts. According to Anadolu Agency, the rate cut aligns with market expectations and marks the second such reduction in four years, following the initiation of the BoE's rate-cutting cycle in August. The BoE's statement highlighted the easing of previous external shocks, although domestic inflationary pressures remain a concern. The Monetary Policy Committee (MPC) largely supported the decision, with eight out of nine members voting in favor of the rate cut. One member, however, preferred maintaining the rate at 5%. The BoE also reported that consumer inflation had decreased to a three-year low of 1.7% in September. Nonetheless, the inflation rate is expected to rise to approximately 2.5% by the end of the year as the impact of lower energy prices diminishes from annual comparisons.