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Bank of England Cuts Rates for First Time Since 2020
Posted
August 1, 2024
Views
2,288
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39
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August 1, 2024
2,288
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0:53Now PlayingThe Bank of England cut interest rates for the first time since early 2020 and signaled further cautious reductions ahead, offering some relief to households after a year of the UK’s highest borrowing costs for a generation.
Governor Andrew Bailey’s casting vote clinched the quarter-point drop in the benchmark to 5%. The decision was “finely balanced” for some of those supporting the move, and opposed by a minority of four on the nine-member Monetary Policy Committee, according to minutes of the meeting.
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