Bank of England narrowly votes to cut interest rates
Bank of England narrowly votes to cut interest rates
08 Aug 2024
The Bank of England (BOE) voted to cut interest rates by 0.25% at their 31 July meeting in a move widely expected after the UK Consumer Prices Index (CPI) fell to 2% in May and remained there in June.
Month in brief
- The Bank of England cut interest rates to 5% by vote of five to four
- The Federal Reserve has strongly hinted at interest rate cuts in September
- UK equities were buoyed by a landslide win for Labour in the General Election
- UK DB pension scheme funding reduced slightly in July as liabilities outgrew assets