The Bank of England has cut interest rates to the lowest level in nearly three years, as it said measures in the Budget will help bring down inflation quicker than previously thought.The Bank’s Monetary Policy Committee (MPC) voted to reduce rates from 4% to 3.75%.Governor Andrew Bailey said the UK has “passed the recent peak in inflation and it has continued to fall”, allowing the MPC to cut borrowing costs for the fourth time this year.It takes the bank’s base interest rate to its lowest level since early 2023.