The base rate was cut for the first time since 2020 last month
The Bank of England has sent a 'clear message' about interest rates ahead of its latest announcement, according to one expert..
The Bank of England’s base rate, which affects interest rates on borrowing and saving, was cut to 5 per cent from 5.25 per cent in August - marking the first rate cut since 2020.Bank governor Andrew Bailey said policymakers were finally able to reduce rates because inflation had “eased enough”. However, he stressed that they “need to be careful not to cut interest rates too quickly or by too much”.
The latest official data showed that Consumer Prices Index inflation remained at 2.2 per cent in August. Mr Swanell said this would likely not be enough to prompt the Bank to make another cut.
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