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Evening Standard
Evening Standard
Henry Saker-Clark

Interest rates: Why have they been cut and what does it mean?

Interest Rates The Bank of England Andrew Bailey Bank of England Inflation the Press Association Dave Ramsden Economy Rachel Reeves Yui Mok
The Bank of England said members of the Bank’s Monetary Policy Committee voted 5-4 to reduce interest rates to 3.75% (Yui Mok/PA) - (PA Archive)

The Bank of England has cut interest rates to 3.75%, marking the lowest level since early 2023.

In a tight decision, rate-setters at the Bank opted to cut rates for the fourth time this year.

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