interest rates cut to 5%

Thu 01 Aug 2024

Source BBC News
 

The Bank of England's governor said a decision to cut interest rates is “an important moment in time” but warned people not to expect a sharp fall in the coming months.

In a closely-run decision, rates were lowered to 5% from 5.25% on Thursday, marking the first cut since the start of the pandemic in March 2020.
The fall to 5% means that homeowners on tracker mortgages will see an immediate reduction in their monthly mortgage payments. Those on variable rate deal may also benefit from the fall.