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Bank of England cuts interest rates to 5% in first reduction since March 2020

  • The Bank of England has cut interest rates to 5%, marking the first decrease since March 2020 during the Covid-19 pandemic.
  • Financial markets expected a 65% chance of this reduction as new data suggested easing inflation and the cost-of-living crisis.
  • The base rate was held at 5.25% since August last year, the highest since 2008.
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  • 51% of the sources lean Left
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