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  5. Bank of England cuts interest rate from 16-year high

Bank of England cuts interest rate from 16-year high

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The Bank of England has made several recent announcements regarding interest rates and inflation. The Bank of England has cut interest rates for the first time since the start of the Covid pandemic, with a 5% base rate reduction voted in by a narrow majority of 5-4. This decision was in line with market expectations, following a fall in inflation to 2%. Small businesses that took out loans during the pandemic may also benefit from the rate reduction.

  1. Jeremy Hunt
    House of Commons
    1. In government, we took difficult decisions that cut inflation from 11.1% to the Bank's target 2% paving the way for lower rates. Our concern is that further substantive cuts may now take longer because of inflation-busting public sector pay rises rushed through by the chancellor ahead of the summer.
  2. Andrew Bailey
    Missouri Supreme Court
    1. We need to make sure make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much.
    2. The Bank takes its lead on pay from the private sector, as that feeds directly into CPI [consumer prices index] inflation.

Bank of England

  1. UK inflation falls to 2.3%
  2. UK economy emerges from recession with strongest growth in two years
  3. UK economy contracts in Q4, officially enters recession

sources

  1. 1.The Times
  2. 2.The Guardian
  3. 3.The Korea Herald
  4. 4.Guardian
  5. 5.Reuters

perspectives

  1. 1.Inflation
  2. 2.British Politics
  3. 3.UK under Rishi Sunak
  4. 4.Central Bank
  5. 5.British Economy
  6. 6.UK under Liz Truss

countries

  1. 1.United KingdomGB
  2. 2.Russian FederationRU
  3. 3.UkraineUA
  4. 4.United StatesUS

organizations

  1. 1.Bank of England
  2. 2.Monetary Policy Committee
  3. 3.European Central Bank
  4. 4.Federal Reserve SystemUS
  5. 5.Labour Party
  6. 6.British Conservative Party
  7. 7.Capital EconomicsGB
  8. 8.Conservative Party
  9. 9.National Health ServiceGB
  10. 10.Premier Miton Investors

persons

  1. 1.Andrew Bailey
  2. 2.Rachel ReevesGB
  3. 3.Clare Lombardelli
  4. 4.Jeremy Hunt
  5. 5.Keir StarmerGB
  6. 6.Neil Birrell
  7. 7.Rishi SunakGB
  8. 8.Ruth Gregory
  9. 9.Sarah Breeden

technicals

  1. 1.Threadneedle Street
  2. 2.Covid-19 Pandemic
  3. 3.Eurozone