BoE cuts interest rates to 4%
💸 Bank of England cuts interest rates to 4% from 4.25% on 7 August. This is the fifth reduction since last year's peak of 5.25%. The decision was made with a 5-4 vote by the Monetary Policy Committee. Inflation reached a near 18-month high of 3.6% in June, driven by transport and food costs, according to the Office for National Statistics. Inflation is forecasted to peak at 4.0% in September before declining towards the 2% target.
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