Friday, November 22, 2024

UK interest rates set to be cut by Bank of England

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The Bank of England is poised to cut interest rates for the second time this year on Thursday to 4.75 per cent.

Members of the nine-strong monetary policy committee (MPC), the panel which sets the level of borrowing costs in the UK economy every six weeks, is forecast to vote 7-2 in favour of a 25 basis point reduction from 5 per cent.

Analysts at Nomura, a Japanese investment bank, said: “We expect that the decision to cut interest rates this time will not be a close one.”

Although members of the committee are likely to have been informed of Rachel Reeves’s tax and spending decisions before last week’s budget, the effect of these policies are unlikely to have fully fed into the Bank of

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