<h1>Bank of England Cuts Growth Projection to 0.75% and Interest Rate to 4.50% Amid Economic Concerns</h1> The Bank of England has reduced its UK growth projection for the year to 0.75%, down from a previous estimate of 1.5%, and cut its main interest rate to 4.50%, the lowest since mid-2023. This move, the third rate cut in six months, reflects concerns about the British economy's sluggish growth. The new Labour government, which prioritized economic growth, faces challenges as its popularity declines. Treasury chief Rachel Reeves welcomed the rate cut but remains unsatisfied with growth rates. The central bank is cautious about further rate reductions amid higher-than-expected inflation forecasts, aiming for a 2% inflation target.