A decision to reduce interest rates to 4% reducing the cost of borrowing, scraped through by a narrow majority earlier today.

Given that inflation is still 1.6% above target, growth is negligible and the possibility of painful tax hikes could be just around the corner, this interest rate cut today was a hair's breadth of not happening. The vote had to be taken a second time before announcing the decision to cut rates for the fifth time in a year so we may not see sub 4% interest rates for a while. Especially when inflation is more likely to be heading towards 4% in the coming months, than the 2% target.