The Bank of England cut interest rates to 4.75 per cent but signalled that a further move is unlikely before early 2025, as it forecast that last week’s UK Budget would increase inflationary pressures.
The Monetary Policy Committee’s eight-to-one decision to cut the base rate by 0.25 percentage points was in line with the expectations of economists polled by Reuters and came after inflation fell to a three-year low.
The BoE kept rates on hold at its previous meeting in September, following a reduction in August.
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