Brief by Shorts91 Newsdesk / 05:49pm on 07 Nov 2024,Thursday International
The Bank of England has reduced interest rates by 0.25%, bringing them down to 4.75% from 5%, marking the lowest rate in over a year. This second cut of 2024 follows the August reduction when inflation hit its 2% target. Intended to lower borrowing costs for UK mortgage holders and first-time homebuyers, the cut also reduces returns on savings. In the Bank’s quarterly report, forecasts indicate a boost to GDP next year from tax measures, while inflation pressures are expected to persist. Governor Andrew Bailey and Bank officials will discuss further rate projections at a press conference at 12:30 pm.
