What the interest rate cut means for you

Thursday, 1 August 2024 (3 days ago)
The first interest rate cut since the start of the COVID pandemic is good news - but experts are warning of a hard slog back towards more comfortable borrowing cost levels.

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News video: Chancellor welcomes interest rates cut

Chancellor welcomes interest rates cut 00:23

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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