[Breaking] UK Base Interest Rate at 5%... Cut by 0.25%P

The Bank of England (BOE), the central bank of the United Kingdom, lowered its benchmark interest rate by 0.25 percentage points to 5.00% on the 1st (local time).

British Pound Sterling

At the BOE Monetary Policy Committee (MPC) meeting held that day, 5 out of 9 members voted in favor of a 0.25 percentage point rate cut.

This is the first time the BOE has cut its benchmark interest rate since lowering it to a record low of 0.10% in March 2020 at the start of the COVID-19 pandemic. To curb soaring inflation, the BOE raised rates 14 consecutive times until August last year and then held rates steady for 7 consecutive times until June this year.

The UK benchmark interest rate had been at its highest level in 16 years since April 2008, when it was 5.25% per annum.

This content was produced with the assistance of AI translation services.