BBC News

UK interest rates cut to 4.75% but Bank hints fewer falls to come

Moneyweekuk

Live: Bank of England cuts interest rates to 4.75%

ABC News

Bank of England is set to cut interest rates despite potential new inflation worries

Independent

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise

Sky News

Interest rate cut - but budget means inflation will rise, Bank says

Interest rates: Bank of England cuts interest rates to 4.75%, in second reduction this year

CNBC

Bank of England set for second cut after Labour reveals tax-hiking budget

Guardian

City analysts overwhelmingly predict Bank of England interest rate cut

UK interest rates cut to 4.75%, as Bank of England warns budget will add to inflation – business live

Bank of England cuts interest rates by 0.25 points to 4.75%

Ignore the doom-mongers: the good news on interest rates shows Labour is on the right track

Bank of England

Oxford Economics

Centre for Economics and Business Research

Andrew Bailey

National Institute of Economic and Social Research

Dave Ramsden

ING Bank

Citigroup

Pantheon Macroeconomics

Sanjay Raja

Office for Budget Responsibility

When Will Inflation Reach the Bank of England’s 2% Target?

The Bank of England (BoE) has cut interests rates to 4.75% – down 0.25 points from 5%. This is the second interest rate cut by the BoE this year.

The BoE's monetary report summary states the decision, which was passed in an 8-1 vote by the Monetary Policy Committee (MPC), was based upon "continued progress in disinflation" – citing in particular "abated" external shocks.

In August, the BoE began cutting interest rates from a 16-year high of 5.25%, having risen 14 consecutive times between Mar. 2020 and Dec. 2021 as inflation hit a peak of 11.1% in Oct. 2022.

Verity

BoE Gov. Andrew Bailey stated that, despite Thursday's announcement, interest rates would not be cut in future "too quickly or too much," and that based on expected economic forecasts rates would "continue to fall gradually from here."

thesun.co.uk

In the year to Sept. 2024, Consumer Price Index (CPI) inflation fell to 1.7%, sitting below the BoE target of 2%. However, the BoE estimates that inflation will rise to an average of 2.4% Q4 this year, reaching 2.8% by Q3 2025, before decreasing to 2.2% Q4 2026, and falling further to 1.8% in Q4 2027.

Consumer price inflation

The Bank has estimated that, following Labour's budget last week, inflation will increase by 0.5 points at its peak compared to previous forecasts and GDP growth will also be raised by 0.75 points at its peak. Following the BoE decision, the Pound Sterling has seen a 0.10 point increase on the Euro, and a 0.70 point raise against the US Dollar.

Poundsterlinglive

UK: Bank of England Cuts Interest Rates to 4.75%

UK: Bank of England Cuts Interest Rates to 4.75%

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UK: Bank of England Cuts Interest Rates to 4.75%

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