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Bank of England slashes interest rates for the first time since 2020
Posted on August 2, 2024 |
The Bank of England lowered interest rates by 0.25% to 5%, the first cut since March 2020, due to slowing inflation.
This move ends the central bank's aggressive efforts to control inflation, which had surged to double digits less than two years ago.
The rate cut is expected to relieve mortgage holders and business owners struggling with high borrowing costs.
Interest rates had been held at 5.25% for the past year, the highest level since 2008.
Despite inflation falling to the Bank's 2% target, there are still concerns about ongoing price pressures, particularly from wage growth and the services sector.
The Bank of England expects inflation to rise to around 2.7% this year as the impact of lower energy prices diminishes.
Inflation is predicted to slow again in the second half of 2025 and drop below the 2% target by 2026.
Wage growth was running at an annual rate of 5.6%, and services inflation, driven by labor costs, was at 5.7% in June, which remains a concern for policymakers.