US EditionBank of England cuts rates as governor welcomes UK-US trade deal
- On Thursday, the Bank of England lowered its benchmark interest rate by 0.25 percentage points to 4.25%, marking the fourth reduction within the past year and reaching the lowest level since May 2023.
- The rate reduction followed a slowdown in inflation and came amid uncertainty caused by escalating global trade tensions, including recent tariff announcements from the US government.
- The Bank lowered its growth projection for the UK in 2026 to 1.25% from the previous 1.5%, while raising the expected growth for 2025 to 1%. It also revised down its inflation outlook for the remainder of this year.
- Governor Andrew Bailey welcomed the expected UK-US trade deal that reduces tariffs, stating it “will help to reduce uncertainty” though he had not seen full details, and emphasized the UK is a very open economy connected globally.
- The rate cut and trade agreement signal some easing of economic pressures, but the Bank warned that inflation will remain above target short term and uncertainties such as trade tensions and rising unemployment persist.
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perspectivemedia.com
perspectivemedia.comBank of England cuts rates as governor welcomes UK-US trade deal
Interest rates were cut from 4.5% to their lowest level since May 2023, in their fourth reduction over the past year.
·London, United Kingdom
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Rumours of trade deal swirl ahead of Bank decision
After the Federal Reserve decided to keep interest rates on hold last night, focus shifts to the Bank of England (BoE) this lunchtime. Markets believe a quarter-point cut to interest rates is as good as a done deal, yet the risk lies in policymakers outlining deeper, faster cuts than have been expected. Good news for people with mortgages and businesses but less so for savers and sterling, which has struggled to gain a real foothold against the …
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