The Bank of England lowered interest rates by 25 basis points, believing that this year's significant upward revision of inflation expectations will be temporary. Simultaneously, two officials called for a substantial rate cut in the context of weakening economic growth. The reduction to 4.5% aligns with economists' expectations, but Bank of England Monetary Policy Committee members Mann and Dhingra voted against it, favoring a significant cut to 4.25%. Bank of England Governor Bailey stated that the Bank of England will closely monitor the UK economy and Global developments and will take a gradual and cautious approach to further rate cuts, which is different from his wording last December when he only mentioned a "gradual" approach.