The Bank of England’s Monetary Policy Committee has decided to cut the UK interest rate to it’s lowest in the Bank’s history – 1.5%.

The half percentage point reduction from 2 percent brings interest rates below that level for the first time since the Bank of England was founded in 1694.

This is the fourth time since October that rates have been cut, back then, the UK rate was at 5%.

The next move on interest rates will come with lenders and whether they will choose to pass all or part of the cut to their borrowers. Last month, customers from Nationwide who were on tracker mortgages were told that their interest rates would not be cut any further, even if the Bank lowers rates in the future.