The central bank has decided to reduce the base rate by 0.25 per cent
The central bank announced on Thursday that the base rate will go down from 5.25 per cent to 5 per cent. It's the first reduction since March 2020 and the onset of the Covid pandemic.
Mr Bailey said policymakers "need to make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much". He added: "Ensuring low and stable inflation is the best thing we can do to support economic growth and the prosperity of the country."
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