First Interest Rate Cut Since Pandemic

This is a UK news story, published by BBC, that relates primarily to Andrew Bailey news.

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interest rate cut

BBC

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UK interest rates cut for first time in over four years

Summary

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85% Informative

Interest rates were lowered to 5% from 5.25% on Thursday - the first cut since the start of the pandemic in March 2020 .

Andrew Bailey , governor of the Bank of England , said policymakers needed "to make sure inflation stays low and be careful not to cut interest rates too quickly or by too much” But he struck a note of caution against expectations there would be a rapid fall in borrowing costs in the coming months .

Otherwise known as the Bank ’s inflation report, it sets out growth forecasts for the UK economy and is published four times a year. The Bank upgraded its outlook for the UK ’s economic growth this year . It now expects output, or gross domestic product (GDP), to grow by 1.25% , up from its estimate of 0.5% in May . However, it said economic activity was likely to slow next year in line with previous forecasts, as businesses reported weaker momentum..