The Bank of England (BoE) has cut its bank rate by 25 basis points to 5%, having held rates for the longest period since the Second World War.
The rate cut call which took place today (1 August) was on a knife edge among a divided Monetary Policy Committee, with 5-4 voting in favour of the snip. This is the first time the UK's central bank has trimmed its bank rate since the early days of the pandemic in March 2020, with some of the more hawkish MPC members having voted for a cut in previous meetings. Following news about the rate cut, UK Chancellor Rachel Reeves said BoE's move represented "welcome news" for "millions of families" who are "still facing higher mortgage rates after the mini-budget". "That is why this gover...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
