Economy
BoE cuts interest rates for first time in 4 years
The BoE had previously held interest rates at a 16-year high of 5.25% since August 2023. The rate had been hiked to combat rising inflation
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where they were cut to a record low of 0.1%.
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