Bank of England lowers base rate to 4.75%- GBP/USD lifts

The Bank of England has just done what most pundits and analysts expected and cut the UK base rate by 0.25%, to 4.75%. The reaction to the move has seen the Pound edge a little higher, following a slight upward revision to growth forecasts. The voting split on the decision was expected to be 7-2 in favour of a cut. The actual split was 8-1. The markets will now move on, to see what the Bank of England Governor, Andrew Bailey will have to add when he debriefs the press at the 12.30pm GMT post decision press conference. The potential importance of what might, or might not emerge from that is not to be underestimated, as it could set a path for further Bank policy to come in December and into the New Year and beyond. The GBP/USD was trading at 1.2903 leading into this. It just now trading at 1.2923 as the Bank warns on further rate cuts