Bank of England mulling first interest rate cut since early days of COVID-19 over 4 years ago
Thursday, 1 August 2024 () Borrowing costs in the U.K. could be cut later for the first time since the onset of the coronavirus pandemic more than four years ago, though economists stressed that the decision is likely to be a close call. Economists are divided as to whether the Bank of England, which is independent of government, will cut its main interest rate Thursday by a quarter-point from the current 16-year high of 5.25%, or hold off off until September. Though inflation has reached the bank’s inflation target of 2%, several members of the nine-member policymaking panel have voiced ongoing concerns about persistent price pressures in the services sector, which accounts for around 80% of the British economy.
The Bank of England has cut interest rates to 5% at its August Monetary Policy Committee meeting, the first reduction of the UK’s base rate in four years. Responding to the cut, Chancellor of the Exchequer Rachel Reeves said: “Homeowners will welcome this cut in interest rates, but I know that...
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The Bank of England has cut UK interest rates to 5%, from 5.25%, the first reduction in borrowing costs in over four years. Tamworth Herald Also reported by •The Cointelegraph •Invezz
Thursday, 1 August 2024 ()
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