Bank of England cuts rate for first time since pandemic
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. "Inflationary pressures have eased enough that we've been able to cut interest rates," Bailey said in a short statement. "But we need to make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much."
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Bank of England cuts rate for first time since pandemic
The Bank of England on Thursday cut its main interest rate for the first ti
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