Reported 2 months ago
The Bank of England has reduced interest rates from a 16-year high, lowering them by 0.25% to 5% following a narrow 5-4 vote among policymakers. Governor Andrew Bailey emphasized the need for caution in future rate adjustments as the BoE monitors inflation pressures, which have recently moderated. This marks the first rate cut since March 2020 amid concerns over economic growth and inflation forecasts. Financial markets had anticipated a rate cut, though the situation remains fluid with expectations of further adjustments depending on future economic indicators.
Source: YAHOO