The Bank of England has cut its main interest rate for the third time in six months with the British economy struggling to post any meaningful growth. In a statement Thursday, the bank said the nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.

The central bank cut rates for the third time in about six months as it said growth had been weaker than expected.

The Bank of England cut interest rates on Thursday as it halved its growth outlook for this year and two officials voted unexpectedly for a bigger reduction in borrowing costs.