Bank of England cuts interest rates and forecasts gradual reduction in borrowing costs
THE Bank of England cut interest rates for the second time this year today as it forecast a gradual reduction in borrowing costs.
The Bank’s monetary policy committee (MPC) announced a reduction from 5 per cent to 4.75 per cent.
Governor Andrew Bailey said Britain’s inflation falling below its 2 per cent target meant policymakers had been able to cut rates to their lowest level since June last year.
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