The Bank of England just dropped rates again to 4.75%! Wondering what this means for your mortgage, savings, or investments? Get the quick scoop on how to make the most of this latest rate cut.
The Bank of England has reduced interest rates for the second time this year, meeting market expectations.
Today, the Bank announced a rate cut to 4.75%, down from 5%, following an earlier 0.25% reduction in August—its first rate cut since 2020. The Bank held rates steady in September.
Bank of England Governor Andrew Bailey reassured the public, stating, “Interest rates are likely to continue to fall gradually from here.”
However, the Bank’s latest quarterly forecast indicates that the recent Budget has contributed to inflationary pressures, which may slow the pace of future rate cuts.
Bailey emphasized caution, saying, “To keep inflation near target, we must avoid cutting rates too quickly or too sharply.”
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