Last week’s cut of the Bank of England’s (BoE) base interest rate by 25 basis points was largely seen as a step in the right direction as the UK seeks to improve productivity and growth, even if some wanted a faster, more powerful boost by doubling the cut.
The BoE remains hesitant to give inflation the opportunity to rise again, so won’t lower interest rates too quickly, but lower mortgage repayments and borrowing rates were the big wins to take away for the public and business sectors alike.
