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The Guardian - UK
The Guardian - UK
Business
Heather Stewart

Bank of England poised to cut interest rates amid UK economic gloom

Bank of England Rachel Reeves ING Interest Rates United Kingdom James Smith MPC OBR
People walk by the Bank of England building
The Bank of England’s nine-member MPC is widely expected to cut rates by a quarter point to 4.5%, their lowest level since June 2023. Photograph: Hannah McKay/Reuters

Bank of England policymakers are poised to cut interest rates and downgrade forecasts for economic growth, underlining the risks facing Rachel Reeves’s budget plans.

With inflation continuing to decline, the nine-member monetary policy committee (MPC) is widely expected to cut rates by a quarter point to 4.5% – the lowest level since June 2023 – on Thursday.

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