The Bank of England has cut interest rates to 4%, taking the cost of borrowing to the lowest level for more than two years. The cut, from the previous rate of 4.25%, is the fifth since August last year, but was only narrowly backed by the Bank's policymakers who took two votes to reach a decision.

The Bank of England has cut its main interest rate by a quarter percentage point to 4%, as policy makers seek to bolster the sluggish U.K. economy.

There's little doubt in the market's mind that the Bank of England will cut interest rates later today by another quarter point, making it five cuts in the past year. A line chart titled "Bank of England benchmark interest rate" that tracks the metric over time.