Bank Of England Base Rate Cut: Live Updates

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Post on Nov 08, 2024

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Bank of England Base Rate Cut: Live Updates

The Bank of England (BoE) is expected to make a decision on the base rate today. Stay tuned for live updates and analysis.

The UK economy is facing a challenging landscape, with inflation remaining stubbornly high and growth forecasts remaining subdued. The BoE's Monetary Policy Committee (MPC) faces a delicate balancing act: raising rates to control inflation while avoiding a further slowdown in economic activity.

Here's what we know so far:

Key factors influencing the BoE's decision:

• Inflation: The UK's Consumer Price Index (CPI) remains above 10%, far exceeding the BoE's 2% target.
• Economic Growth: The UK economy is forecast to grow slowly in 2023, with some economists predicting a recession.
• Labor Market: While unemployment remains low, wage growth is rising, adding to inflationary pressures.
• Global Economic Conditions: Global economic uncertainty, including rising interest rates in the US, is also affecting the BoE's decision-making.

Market Expectations:

• Most economists expect the BoE to keep the base rate unchanged at 5% this month.
• Some analysts believe a rate cut could be on the cards if the economic outlook deteriorates further.

Live Updates:

• [Time] - The MPC will announce its decision on the base rate.
• [Time] - The BoE will publish its latest inflation report, providing further insight into the MPC's thinking.
• [Time] - The BoE Governor will hold a press conference to discuss the decision and the economic outlook.

Impact of the Decision:

• Mortgage Rates: A rate cut could lead to lower mortgage rates, making it cheaper for homeowners to borrow money.
• Savings Rates: Conversely, a rate cut could mean lower returns on savings accounts.
• Business Investment: A rate cut could encourage businesses to invest and expand, as borrowing costs become lower.

We will be updating this page with live updates throughout the day. Stay tuned!

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