The Bank of England has been urged to slash interest rates at a “further and faster” pace after dropping the prime rate to 4.75 per cent. Threadneedle Street cut interest rates for a second time this year after inflation fell to 1.7 per cent in September. The latest interest rate cut was announced earlier today, marking the second reduction in rates this year. It is also the first time rates have been below five per cent since June 2023. Reacting to the announcement, Chancellor Rachel Reeves said: “Today’s interest rate cut will be welcome news for millions of families, but I am under no illus…