London - The Bank of England (BoE) Thursday cut interest rates by 50 basis points to a new all-time low of 0.5 per cent in a further move to stimulate lending and consumer demand.

The rate cut agreed by the bank's Monetary Policy Committee (MPC) is the fifth since last October.

It was expected to be accompanied by measures to boost the money supply to the economy, known as quantitative easing. (dpa)