The Bank of England has cut its main interest rate by a quarter percentage point to 4%, as policy makers seek to bolster the sluggish U.K. economy.

The Bank of England cut interest rates from 4.25% to 4% on Thursday as the central bank resumes a "gradual and careful" approach to lowering interest rates.The BOE was widely expected to trim rates by 25 basis points at its latest monetary policy meeting,

The Bank of England is poised to cut interest rates as it grapples with slowing economic growth and lingering inflation. Investors expect the BoE to cut its benchmark rate by 0.25 percentage points to 4 per cent when it announces the decision at midday in London.