I appreciate the BOE has reduced interest rates and therefore it is inevitable that the Cash ISA rate would be cut.
But the BOE reduction was a 0.25% and the Cash ISA is reducing from 4.90% to 4.50%.
Disappointing.
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Fair point, unfair system.
(Not just 212)
It’s a big drop but it’s absolutely in line with the BoE rate now.
Interest rate reductions on saving products do not always co-relate with the BoE’s rate reduction . Reason could be individual bank or institution specific but generally because of one or more of the following reasons:
Gradual or phased implementation: Every change has an overhead and if there are further cuts expected then the banks and institutions may implement abridged interest rate reductions to buffer impact of frequent changes.
Competition : lower levels of competition within the given sector or savings vehicle may allow greater reduction in interest rates resulting out of monopolistic traits
A chance to increase profit: Banks or institutions may use this as an opportunity to increase their profit margins by reducing interest handouts just by that tiny bit 
There are other economic reasons but I doubt if institutions like T212 pays a hoot about those !
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If BOE rate dropped 0.25% and T212 dropped 0.40% I’m not sure how that is in line?
Rate reduction is certainly different.
Do you just mean it is now CLOSER to the BOE rate?
What am I missing? 
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Bank and institutional savings interest rates do not have a simple 1-2-1 co relation with BoE base rate, but that is a separate topic of discussion.
If we want to keep aside all common sense economics and focus on step-locking T212interest rate with BoE base rate, here are the facts to consider before pushing back.
BoE rates changed as below:
5.25% → 5% in Aug’24
5% → 4.75% in Nov’24
4.75% → 4.5% in Feb-25
Did we cry foul when T212 rate was 4.9% while BoE base rate had already fallen to 4.75% ?
THINK! 
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T212 have dropped the rate more then my bank have reduced theirs in percentage terms, however they still remain more competitive overall.
You’re not looking at the BOE rate.
Remember, you only achieve 4.90% interest (soon to be 4.50%) if you leave your cash ISA with T212 for a year. What you’re actually getting per month just now is about 4.78% which on 1st March will be about 4.39%.