English
Bank of England cuts interest rates for first time in over four years
The Bank of England announced its first interest rate cut in over four years on Thursday, taking its key interest rate to 5%. The decision comes after the bank rate was held at a 16-year high of 5.25% since August 2023.
While many analysts had expressed the possibility of the Bank of England announcing a rate cut at its last meeting, the lack of clear signals from the central bank has shrouded the decision in uncertainty.
Markets had been pricing in a 61% chance of a 25 basis point cut in the key interest rate at the August meeting, despite UK inflation hitting the Bank of England’s 2% target for two months in a row.
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