Bank of England cuts UK interest rates to 5%, first cut since 2020

Written By somto uba

Bank of England cuts UK interest rates to 5%, first cut since 2020

The Bank of England has cut interest rates for the first time in more than four years following the UK meeting its target inflation rate of 2%. On Thursday, 1 August 2024, the Monetary Policy Committee announced that it had reduced interest rates from 5.25% to 5% following a majority vote of 5 – 4 during its meeting.

The Bank of England also released its quarterly Monetary Policy Report, which contains economic growth and inflation projections. The Monetary Policy Committee will next meet on September 19, 2024, to deliberate policy steps, with two more meetings pencilled in for November and December this year.

To access the full briefing from today's Monetary Policy Committee meeting, you can click here.

Featured
Bank of England cuts UK interest rates to 5%, first cut since 2020
headline, economy, government
Bank of England cuts UK interest rates to 5%, first cut since 2020
headline, economy, government

Bank of England cuts UK interest rates to 5%, first cut since 2020

headline, economy, government
First Female Chancellor of the Exchequer and other cabinet members supporting Keir’s Starmer’s Change Agenda
headline, government
First Female Chancellor of the Exchequer and other cabinet members supporting Keir’s Starmer’s Change Agenda
headline, government

Rachel Reeves is the first female Chancellor of the Exchequer

headline, government
Bank of England holds interest rate at 5.25% despite fall in inflation rate
headline, economy, interest rate, government
Bank of England holds interest rate at 5.25% despite fall in inflation rate
headline, economy, interest rate, government

Bank of England holds interest rate at 5.25% despite fall in inflation rate

headline, economy, interest rate, government
somto uba
Next

First Female Chancellor of the Exchequer and other cabinet members supporting Keir’s Starmer’s Change Agenda