Third quarter-point cut in six months takes rate to lowest level since June 2023 amid concerns over economic outlook
The Bank of England has cut interest rates to 4.5%, but warned UK households face renewed pressure from rising prices and a sluggish economy as it halved its growth forecasts for the year.
With the government under pressure amid the fallout from Labour’s budget and Donald Trump’s trade wars, the Bank’s monetary policy committee (MPC) voted by a majority of seven to two to reduce its key base rate down from 4.75% to ease some of the financial pressure on borrowers.
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