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Bank of England Cuts Interest Rates Amidst Inflation Concerns
The Bank of England lowers interest rates to 4.75% due to falling inflation, but potential future inflationary pressures are anticipated.
English
United States
EconomyUkInflationFinancePolicyInterest Rate
Bank Of EnglandMonetary Policy Committee (Mpc)
Andrew BaileyRachel ReevesDonald Trump
- What action did the Bank of England take regarding its main interest rate?
- The Bank of England cut its main interest rate to 4.75%, the second such reduction this year, following a drop in inflation to its lowest level since April 2021.
- What was the voting outcome within the Monetary Policy Committee regarding the interest rate change?
- The Monetary Policy Committee (MPC) voted 8 to 1 in favor of the 0.25 percentage point reduction, with one member preferring to maintain the rate at 5%.
- What was the inflation rate in the year to September, and how does it compare to the Bank of England's target?
- Inflation in the year to September was 1.7%, below the Bank of England's 2% target, its lowest level in over three years.
- How might Donald Trump's potential economic policies impact inflation and the Bank of England's future decisions?
- Donald Trump's potential tax cuts and tariffs upon returning to office could cause inflationary effects in the US and globally, potentially influencing the Bank of England's rate decisions.
- What are the economists' predictions regarding inflation in the upcoming year, and what factors contribute to this prediction?
- Economists predict that increased government spending and potential price increases by businesses to offset tax hikes could lead to higher inflation next year.