The Bank of England reduced rates for the first time since 2020 amid rising unemployment & and a slower pace in the increase in inflation

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The Bank of England has indeed taken action to address economic conditions. In a 5-4 vote, the bank lowered its main interest rate by 0.25%, bringing it down to 5%. This reduction marks the first time since early 2020 that the bank has cut rates. The decision was influenced by signs that inflationary pressures have eased in the UK economy.

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Sources:

https://www.detroitnews.com/story/business/2024/08/01/bank-of-england-lowers-main-interest-rate-first-cut-in-over-4-years/74629708007/

https://www.standard.co.uk/business/business-news/bank-of-england-cuts-interest-rate-to-5-in-first-drop-since-2020-b1174211.html

 

 


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