LONDON, United Kingdom — The Bank of England on Thursday cut its main interest rate for the first time since the Covid pandemic broke out in 2020, as British inflation has retreated in recent months.
In a tight 5-4 vote, BoE policymakers agreed to reduce borrowing costs by a quarter-point to 5.0 percent, the central bank announced following a regular meeting.Governor Andrew Bailey joined four other policymakers in bringing the rate down from a 16-year high, which will ease pressure on borrowers while denting interest earned by savers.Retail banks tend to mirror the direction of BoE policy when setting their own interest rates.
Britain's rate cut comes less than one month after the country elected a new government.'Ensuring low inflation' The center-left Labour administration has vowed to grow the country's economy but has already warned that state spending will be hampered by tight finances.New finance minister Rachel Reeves on Monday said Britain's state coffers faced an extra £22-billion hole inherited from the previous Conservative government.
Of England Cuts Rate For First Time Since Pandemic
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