The Bank of England plans to reduce interest rates from 5% to 4.75% amid inflation concerns.

The Bank of England is set to cut interest rates next week from 5% to 4.75%, despite concerns that Labour's autumn Budget may lead to higher inflation. Analysts expect a quarter-point reduction following a recent decline in inflation to 1.7% and slowing wage growth. The Chancellor's plan includes nearly £70 billion in new spending, with tax hikes and borrowing expected to spur economic growth, despite contributing to inflation.

November 01, 2024
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