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UK to get relief as Bank of England to slash interest rates
Posted on February 6, 2025 |
The Bank of England is expected to lower interest rates today from 4.75% to 4.5%, offering relief to UK residents.
This will be the lowest rate in over 18 months, easing pressure on mortgage holders.
The decision comes amid concerns over the UK's slowing economy, partly due to recent tax increases.
Lowering the base rate will help reduce borrowing costs, which have been high due to earlier inflation-fighting measures.
The base rate peaked at 5.25% in late 2023 but has since dropped to 4.75%.
The last time the rate was set at 4.5% was in May 2023.
Inflation is currently at 2.5% annually, significantly lower than in recent years.
Economic growth remains sluggish, leading experts to predict another rate cut to encourage spending and growth.