Bank of England Set to Cut Rates to Two-Year Low

The Bank of England is set to cut interest rates to the lowest level in over two years, as its policymakers contend with a slowing economy and a jobs market rattled by higher taxes.

Markets and economists expect the UK central bank to lower the benchmark rate by 25 basis points to 4%, sticking to its once-a-quarter pace of easing. It will announce the decision at 12 p.m. in London, followed by a press conference led by Governor Andrew Bailey half an hour later.