CandleFocus Bank of England cuts interest rate to 4.75% as UK inflation falls below target
2024-11-07
Author: Content Editor
The Bank of England (BoE) has cut its key interest rates to 4.75% from 5% in response to UK inflation dropping to 1.7% in September. This is the second rate cut by the BoE this year, with the September pause allowing the central bank to assess the impact of previous rate reductions. The decision to lower rates comes ahead of an expected rate cut by the US Federal Reserve. The price of Bitcoin increased by 6% following the Fed's September decision.
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