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 cut interest rates on Thursday but four of its nine policymakers - worried about high inflation - sought to keep borrowing costs on hold.

The Bank of England cut interest rates to 4% from 4.25% on Thursday but four of its nine policymakers - worried about high inflation - sought to keep borrowing costs on hold. Here's what Bank of England officials said in a press conference following that decision: ANDREW BAILEY,