Bank of England lowers its main interest rate to 5%, its first cut in over 4 years

LONDON/WAM

The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased, Associated Press (AP) reported.
In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to 5% from the 16-year high of 5.25%.
It’s the latest central bank to cut interest rates following a long stretch of increases. The US Federal Reserve has yet to take the step but many think it will be ready to next month.