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  • UK Bank Rate reduced to 5% - August 2024

    From bankofengland.co.uk

    The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. At its meeting ending on 31 July 2024, the MPC voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%. The Committee has published an updated set of projections for activity and inflation in the accompanying August Monetary Policy Report. ... (full story)

Added at 7:14am

  • Bank of England lowers its main interest rate by 0.25%, to 5%, its first cut since for over 4 years

    From lethbridgeherald.com

    The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020. In a statement Thursday, the bank said that by a 5-4 margin, its nine-member policymaking panel backed a quarter-point reduction in its main interest rate to 5%, from the 16-year of 5.25%. Economists were divided as to whether the bank, which is independent of government, would cut rates given persistent price pressures in the services sector, which accounts for around 80% of the British economy. Yet inflation in the U.K overall has already hit the bank’s target of 2%. Interest rates in the U.K. ... (full story)

BOE always doing what is good for the economy. He's going to be hawkish in 30mins time
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