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

t.co/KUG1YiOn94 pic.twitter.com/ZLoE3fATXI

— Kalani o Māui (@MauiBoyMacro) August 1, 2024

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.

Sources:

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

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