The Bank of England, the central bank of the UK, has cut its benchmark interest rate by 0.25% to an annual rate of 5.0%.
At a meeting of the Bank of England’s Monetary Policy Committee held on the 1st, 5 out of the 9 members voted in favor of the 0.25% rate cut.
Previously, the Bank of England had raised interest rates 14 times in a row until August last year to control soaring inflation, but it has kept rates unchanged for 7 consecutive times until June this year.
The rate cut marks the first time the UK has lowered its benchmark interest rate since reducing it to a historic low of 0.10% in March 2020 at the onset of the COVID-19 pandemic.
The recent UK benchmark interest rate had been at its highest level in 16 years since April 2008, at an annual rate of 5.25%.
*Your report can be news*
[Search for YTN on KakaoTalk to add the channel]
[Phone]: 02-398-8585
[Email]: [email protected]