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.

Bank of England Governor Andrew Bailey and other senior officials are due to hold a press conference at 1230 GMT.

The Bank of England’s Monetary Policy Committee voted to cut interest rates to a 19-month low but struck a hawkish tone by signaling that only two more reductions are needed to bring inflation back to the 2% target.