Interest rates cut 'important moment', says Bank of England boss

The Bank of England's governor said a decision to cut interest rates is "an important moment in time" but warned people not to expect a sharp fall in the coming months.In a closely-run decision, rates were lowered to 5% from 5.25% on Thursday, marking the first cut since the start of the pandemic in March 2020.Interest rates dictate the cost of borrowing set by High Street banks and money lenders for the likes of mortgages and credit cards.Bank governor Andrew Bailey said that lower inflation had paved the way for the fall in interest rates but told the BBC it was "not mission accomplished yet".When will mortgage rates come down?First-time buyers spending 40% of pay on mortgagesInterest rates cut... but don't expect more straight awayHe said policymakers needed "to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much".Interest rates have climbed over the last few years, as the Bank has battled to control soaring price rises. The higher rates...