The Bank of England today cut borrowing costs for the first time in over two years. The central bank cut its key repo rate by a quarter point to 4.50 pct, the first interest rate reduction since July 2003, when interest rates fell to near-50 year lows of 3.50 pct. The decision was widely anticipated. All but four of the 36 forecasters polled by AFX News expected the nine-member Monetary Policy Committee to cut interest rates, largely in response to subdued economic growth figures.