Bank of England cut the benchmark interest rates with 25 bps to 5.5% for first time in two years. The reasons for the interest rates cut were the credit costs and the falling housing prices. The most of the traders expect BoE to cut the interest rates on the next meeting but BoE fast with the decision. Probably it will start serial of interest rates cut by BoE in the coming months said Peter Mill expert in after the decision of BoE today.