Bank of England cuts rates for first time in four years

(Sharecast News) - The Bank of England cut interest rates on Thursday for the first time in four years. The Bank cut rates by 25 basis points to 5%, as widely expected. They had been at a 16-year high of 5.25% since August 2023.

The Monetary Policy Committee voted five to four for the rate cut.

Data released by the Office for National Statistics last month showed that consumer price inflation was steady in June at 2%, which is the Bank's target. However, inflation in the services sector remained sticky, unchanged from May at 5.7%.