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Bank of England cuts rates but sees higher inflation after Reeves' budget

  • The Bank of England cut interest rates to 4.75 per cent, with an 8-1 vote by the Monetary Policy Committee on November 7, 2024.
  • The BOE predicts inflation will rise to around 2.5 per cent by the end of 2024, influenced by government policies.
  • The BOE emphasizes the need for 'restrictive' monetary policy to meet the 2 per cent inflation target sustainably.
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Rachel ReevesRachel Reeves
BusinessBusiness
Bank of EnglandBank of England
UK PoliticsUK Politics
EconomyEconomy
InflationInflation
Interest RatesInterest Rates
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