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World

The interest rate cut is good news for Labour

8 November 2024

12:41 AM

8 November 2024

12:41 AM

The Bank of England has announced its rate cut of 0.25 percentage points, reducing the base rate from 5 per cent to 4.75 per cent. The decision, voted 8-1 by the Monetary Policy Committee, is the second rate cut to be announced by Threadneedle Street since the inflation crisis began.

Markets were expecting a rate cut today, after the Bank held rates in September.

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