UK interest rates: Bank of England edges closer to summer cut
UK interest rates: Bank of England edges closer to summer cut
UK interest rates: Bank of England edges closer to summer cut
The Bank of England is contemplating a potential cut in interest rates. Andrew Bailey, the Bank's boss, stated that they require more evidence of a slowdown in price rises before making a decision. He expressed optimism about the direction of things and mentioned that the Bank anticipates inflation to fall close to its target level in the next couple of months. This could lead to an interest rate cut as early as June. However, Bailey cautioned that a rate cut is not guaranteed and could occur in August or September. The interest rate set by the Bank influences the rates set by High Street banks and money lenders. Currently, rates are at their highest level in 16 years, resulting in increased borrowing costs for people seeking mortgages and loans. Conversely, savers have received better returns. Bailey highlighted that there has been encouraging news on inflation, which is currently at 3. 2%, but the Bank needs more evidence that it would stay low before cutting rates.
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"The Bank of England is considering cutting interest rates in the near future."
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