Bank of England cuts main interest rate to 4.75% after UK inflation falls

Quick Summary:

Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia's full-scale invasion of Ukraine which pushed up energy costs.

The Bank of England has cut its main interest rate by a quarter of a percentage point after inflation across the UK fell below its target rate of 2 per cent.

As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.

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Article Details

Category: BusinessFinance

Markets: IndiaUkraine

Topics: Bank of England cuts main interest rate by quarter-point to 4.75 per cent after UK inflation falls

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 18:05:51 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 723 words

Reading Time: 5 minutes read

Sentences: 23 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23460978

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