The Bank of England cut interest rates on Thursday as it halved its growth outlook for this year and said a jump in inflation will prove temporary, while two officials unexpectedly voted for an outsized rate cut.

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

The Bank of England has announced an interest rate cut to 4.5%. CBS News foreign correspondent Ramy Inocencio has more on what that means.