For the first time since the beginning of 2020 - The UK central bank is lowering its key interest rate
The Bank of England has cut its base rate for the first time since the big inflation wave. It will be reduced by 0.25 percentage points to 5.00 percent, the Bank announced on Thursday following its monetary policy meeting in London. Economists had largely expected this decision. However, there were also many economists who had expected unchanged rates. The Bank had previously left its rates untouched for seven consecutive meetings.
The ECB (European Central Bank) is closely monitoring the economic situation in the Eurozone, considering a potential adjustment to its monetary policy. Despite the Bank of England's rate reduction, the ECB has not made any changes to its base rate yet.
