UK interest rates cut to tackle coronavirus threat to economy
4 years, 9 months ago

UK interest rates cut to tackle coronavirus threat to economy

CNN  

London CNN Business — The Bank of England has slashed interest rates to a record low and launched other emergency measures as part of a dramatic and coordinated UK response to limit the economic fallout from the coronavirus. The central bank said in a statement Wednesday that while the magnitude of the shock from the coronavirus remains “highly uncertain,” economic activity is “likely to weaken materially in the United Kingdom over the coming months.” A few hours later, UK finance minister Rishi Sunak pledged to do “whatever it takes” to protect the economy. The Bank of England said that slashing its main interest rate by half a percentage point to 0.25% would “help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm.” Sunak’s fiscal stimulus included more money for the National Health Service, tax breaks for business and rule changes that will make it easier for workers to claim sick pay and benefits. Bank of England Governor Mark Carney said that the measures announced by the central bank constitute a “big package” and were coordinated with those in the government’s budget to ensure the policies will have “maximum impact.” The FTSE 100 advanced in early trading in London as investors cheered the synchronized response, but the index had turned negative by early afternoon. “The Bank of England’s actions today comprise a timely and powerful package to support UK businesses and households, in order to bridge a temporarily difficult period and to mitigate any longer lasting effects on jobs, growth and the UK economy,” said Carney, whose term as governor ends on March 15.

England Bank Interest Rates Interest Central Billion Rate Rates Measures Carney  rate  threat  central  tackle  bank  measures  rates  billion  cut  england  interest  economic  economy  coronavirus  uk

History of this topic

Bank of England holds interest rates at 4.75% but says UK economy stagnating
3 weeks ago

Bank of England holds interest rates at 4.75% but says UK economy stagnating

The Independent  

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Bank of England set to keep UK interest rates on hold despite paltry economic growth
3 weeks ago

Bank of England set to keep UK interest rates on hold despite paltry economic growth

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.K.'s central bank is …

Surge in wages means beleaguered borrowers must wait for interest rates cut
Trending News
3 weeks, 2 days ago

Surge in wages means beleaguered borrowers must wait for interest rates cut

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

Bank of England expected to hold interest rates after jump in inflation
3 weeks, 6 days ago

Bank of England expected to hold interest rates after jump in inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England is …

Bank of England chief economist cautions over global economic ‘disturbances’
2 months ago

Bank of England chief economist cautions over global economic ‘disturbances’

The Independent  

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Bank of England cuts interest rates to 4.75% – but mortgages still set to rise
2 months ago

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Mortgage repayments are set to fall But the Bank’s Monetary …

The interest rate cut is good news for mortgage payers – they need more
2 months ago

The interest rate cut is good news for mortgage payers – they need more

The Independent  

After a turbulent few weeks, the Bank of England delivered a soothing balm to Britain’s hard-pressed borrowers with a quarter-point cut in interest rates. The Budget also pushed the City’s interest rate swaps market higher – and it is this rather than base rates that governs the price of most popular types of mortgage: two or five year fixes. “Borrowers …

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms
Top News
2 months ago

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms

Firstpost  

From the start of the year to September, UK inflation stood at 1.7 per cent, its lowest level since April 2021 and below the central bank’s target rate of 2 per cent The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate …

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?
Top News
2 months ago

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?

Daily Mail  

The Bank of England cut interest rates today - amid fears the big-spending Budget will keep borrowing costs higher in future. Tim Moore, economics director at S&P Global Market Intelligence, said: 'October data signalled another slowdown in output growth across the service sector as heightened business uncertainty and concerns about the general UK economic outlook had an adverse impact on …

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years
2 months ago

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years

Daily Mail  

The Bank of England is poised to cut interest rates today - but could signal that the big-spending Budget will keep borrowing costs higher in future. Threadneedle Street's decision could be swayed by grim figures this week showing growth in the UK services sector slowing to its lowest rate in nearly a year. Tim Moore, economics director at S&P Global …

Bank of England cuts UK interest rates again despite modest budget-related inflation spike
2 months ago

Bank of England cuts UK interest rates again despite modest budget-related inflation spike

Associated Press  

LONDON — The Bank of England cut its main interest rate by a quarter of a percentage point to 4.75% on Thursday after inflation across the U.K. fell significantly, relieving some pressure on borrowers who have faced elevated mortgage and loan costs. Though inflation has fallen below the bank’s target of 2%, Governor Andrew Bailey cautioned that interest rates would …

Bank of England poised to cut UK interest rates for second time this year
Top News
2 months ago

Bank of England poised to cut UK interest rates for second time this year

The Independent  

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UK's central bank cuts interest rate
2 months ago

UK's central bank cuts interest rate

China Daily  

By Earle Gale in London | chinadaily.com.cn | Updated: 2024-11-07 22:35 Pedstrians pass the Bank of England, Britain's central Bank, in London, on November 7, 2024. The United Kingdom's central bank, the Bank of England, or BoE, cut its base interest rate on Thursday, to 4.75 percent from 5 percent, in a move seen as a declaration that rampant inflation …

Bank of England poised to cut UK interest rates for second time this year
2 months ago

Bank of England poised to cut UK interest rates for second time this year

The Independent  

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Something to cheer us all with rates set be slashed on both sides of the Atlantic: ALEX BRUMMER
2 months ago

Something to cheer us all with rates set be slashed on both sides of the Atlantic: ALEX BRUMMER

Daily Mail  

Coming hot on the heels of two momentous events – and I don’t mean Halloween and Guy Fawkes – scant attention is being paid to interest rates. Both the Bank of England and the US Federal Reserve are odds on to cut official interest rates. Prediction: Both the Bank of England and the US Federal Reserve are odds on to …

Bank of England rate cut expected despite ‘fiscal loosening’ of Budget
2 months, 1 week ago

Bank of England rate cut expected despite ‘fiscal loosening’ of Budget

The Independent  

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ECB's Interest Rate Cut: A Gradual Shift Towards Neutral
2 months, 3 weeks ago

ECB's Interest Rate Cut: A Gradual Shift Towards Neutral

Live Mint  

European Central Bank lowers interest rates for the third time this year to support growth. The key deposit rate was cut by a quarter-point to 3.25% — as predicted by all analysts in a Bloomberg survey. The ECB said the process of taming prices should be complete “in the course of next year”. However, officials didn’t specify when or how …

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor
3 months ago

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor

The Independent  

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Could the conflict in the Middle East have a knock-on effect on interest rates?
3 months ago

Could the conflict in the Middle East have a knock-on effect on interest rates?

The Independent  

The pound fell sharply on Thursday after Andrew Bailey, the governor of the Bank of England, said in a newspaper interview that the Bank could become “a bit more aggressive” in cutting interest rates if inflation remains subdued. He said “the economy has come through the shocks of the last five years better than many of us feared”, but warned …

Inflation in Europe falls below 2% and opens the way for faster rate cuts
3 months, 1 week ago

Inflation in Europe falls below 2% and opens the way for faster rate cuts

The Independent  

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Bank says interest rates could be cut ‘gradually’ after holding at 5%
3 months, 2 weeks ago

Bank says interest rates could be cut ‘gradually’ after holding at 5%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

UK interest rates live: Bank of England holds at 5% after shock US Fed cut
3 months, 3 weeks ago

UK interest rates live: Bank of England holds at 5% after shock US Fed cut

The Independent  

✕ Close Inflation set to remain above 2% target in August, say experts Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates …

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low
3 months, 3 weeks ago

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low

The Independent  

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Bank of England widely expected to hold interest rates despite big US Fed cut
3 months, 3 weeks ago

Bank of England widely expected to hold interest rates despite big US Fed cut

The Independent  

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Inflation steady – but chances of another rate cut are slim
3 months, 3 weeks ago

Inflation steady – but chances of another rate cut are slim

The Independent  

Let’s start with the good news: August’s inflation number came in unchanged at 2.2 per cent. While that is higher than the Bank of England’s 2 per cent target, it is in line with City forecasts and beneath the 2.4 per cent the Bank itself had predicted at this stage. One thing to watch is the cost of services – …

Bank of England poised to hold interest rates at 5%, economists say
3 months, 3 weeks ago

Bank of England poised to hold interest rates at 5%, economists say

The Independent  

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Bank of England lowers benchmark rate to 5 pct, first cut in 4 years
5 months, 1 week ago

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years

China Daily  

LONDON -- The Bank of England has voted to cut its benchmark interest rate to five percent, the United Kingdom's central bank said in a statement on Thursday. At a meeting on Wednesday, the BoE's Monetary Policy Committee voted by a majority of 5-4 to reduce the interest rate by 0.25 percentage point, to 5 percent. This is BoE's first …

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years
5 months, 1 week ago

Bank of England lowers benchmark rate to 5 pct, first cut in 4 years

China Daily  

LONDON -- The Bank of England has voted to cut its benchmark interest rate to five percent, the United Kingdom's central bank said in a statement on Thursday. At a meeting on Wednesday, the BoE's Monetary Policy Committee voted by a majority of 5-4 to reduce the interest rate by 0.25 percentage point, to 5 percent. This is BoE's first …

In a first since pandemic, Bank of England lowers key interest rates
5 months, 1 week ago

In a first since pandemic, Bank of England lowers key interest rates

Firstpost  

The Bank of England, in a statement, said its policymaking panel backed a quarter-point reduction in its main interest rate to 5 per cent, from the 16-year high of 5.25 per cent A man walks up the stairs in from of the Bank of England in London. The Bank of England has cut interest rates for the first time since …

Bank of England lowers its main interest rate by 0.25%, to 5%, its first cut in over 4 years
5 months, 1 week ago

Bank of England lowers its main interest rate by 0.25%, to 5%, its first cut in over 4 years

Associated Press  

LONDON — 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. “Inflationary pressures have eased enough that we’ve been able to cut interest rates today,” said Bank Gov. Ensuring low and stable inflation is the best thing we can …

Why the Bank of England has finally cut rates – but might not rush to do it again
5 months, 1 week ago

Why the Bank of England has finally cut rates – but might not rush to do it again

The Telegraph  

This is the most cautious rate cut the Bank of England could possibly have made. Five members of the Monetary Policy Committee, including Andrew Bailey, the Governor, voted to cut rates to 5pc. Since the Old Lady of Threadneedle Street was granted independence to set rates in 1997, it has never held borrowing costs at the peak for longer than …

UK inflation falls to Bank of England's 2% target rate for first time in nearly 3 years
6 months, 3 weeks ago

UK inflation falls to Bank of England's 2% target rate for first time in nearly 3 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation in the U.K. returned …

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices
7 months, 2 weeks ago

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices

The Independent  

✕ Close Hunt attacks Labour and says he refutes 'myths' the economy is worse under Tories For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like …

Bank’s top economist says ‘not unreasonable’ to consider summer rate cut
7 months, 3 weeks ago

Bank’s top economist says ‘not unreasonable’ to consider summer rate cut

The Independent  

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Bank of England holds fire on interest rates – but good news is coming for homeowners
7 months, 4 weeks ago

Bank of England holds fire on interest rates – but good news is coming for homeowners

The Independent  

Here’s the good news: a rate cut in either July or August can probably be characterised as a racing certainty. As expected, the rate setting Monetary Policy Committee left rates at 5.25 per cent at their latest meeting. Dave Ramsden, one of the Bank’s deputy governors, joined the MPC’s dove-in-chief Swati Dhingra, an external member, in voting for a cut. …

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation
8 months ago

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

Associated Press  

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. I’m optimistic that things are moving in the right direction.” Bailey indicated that the financial markets …

Bank of England keeps interest rate at 5.25% for 6th time, seeks more proof inflation under control
8 months ago

Bank of England keeps interest rate at 5.25% for 6th time, seeks more proof inflation under control

The Independent  

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Too early for Bank to cut interest rates on Thursday, economists predict
8 months ago

Too early for Bank to cut interest rates on Thursday, economists predict

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England looks …

Rate cuts will be smaller than you think, says Bank of England official
9 months, 2 weeks ago

Rate cuts will be smaller than you think, says Bank of England official

The Telegraph  

Bets on interest rate cuts this summer are too optimistic, according to a senior Bank of England official. Catherine Mann, who voted to hold borrowing costs at 5.25pc last week, said investors had become “complacent” about the prospect of falling interest rates. Traders have priced in three interest rate cuts by the end of the year to take the base …

Interest rate cuts are in play, Bank of England governor Andrew Bailey says
9 months, 2 weeks ago

Interest rate cuts are in play, Bank of England governor Andrew Bailey says

The Independent  

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Interest rates held – but a small early interest rate cut could be on the cards to help borrowers
9 months, 2 weeks ago

Interest rates held – but a small early interest rate cut could be on the cards to help borrowers

The Independent  

Is there light at the end of the tunnel for Britain’s borrowers, who have endured an extended spell of high interest rates? However, it clears the way for a modest easing of the current “restrictive” policy that is squeezing Britain’s economy even as it struggles to escape last year’s shallow recession. Chancellor Jeremy Hunt’s latest Budget is expected to grow …

UK inflation is heading in ‘right direction,’ but Bank of England isn’t ready to cut rates
9 months, 2 weeks ago

UK inflation is heading in ‘right direction,’ but Bank of England isn’t ready to cut rates

Associated Press  

LONDON — The Bank of England kept its main interest rate unchanged at a 16-year high on Thursday and avoided signaling, unlike other central banks, when it might start to cut even though inflation has dropped sharply from multidecade peaks. In the U.K., market expectations that lower interest rates were on the horizon got a boost this week with news …

Inflation is falling fast – but will the Bank of England move to cut interest rates?
9 months, 2 weeks ago

Inflation is falling fast – but will the Bank of England move to cut interest rates?

The Independent  

Some welcome news for consumers: inflation has once again fallen by more than expected. The headline number for February, per the Office for National Statistics, came in at 3.4 per cent – below both the consensus of the City and the Bank of England’s own forecast of 3.5. The CPI “all services” rate also declined to 6.1 per cent in …

UK fell into recession at the end of 2023 as output shrank more than expected in the fourth quarter
10 months, 3 weeks ago

UK fell into recession at the end of 2023 as output shrank more than expected in the fourth quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The British economy fell into …

ECB, BOE Shouldn't Wait for Fed to Cut Interest Rates
11 months ago

ECB, BOE Shouldn't Wait for Fed to Cut Interest Rates

Hindustan Times  

-- With the US economy continuing to dodge recession, the Federal Reserve appears to be in no rush to cut interest rates. US Treasury yields have risen around 20 basis points across the curve this year, and even if the first rate cut isn't first-quarter business, it'll probably happen before summer. Fed Chair Jerome Powell is keeping his options open, …

Bank softens stance on interest rate cuts – but Andrew Bailey warns: ‘We’re not there yet’
11 months, 1 week ago

Bank softens stance on interest rate cuts – but Andrew Bailey warns: ‘We’re not there yet’

The Independent  

It was a racing certainty that the Bank of England’s rate-setting Monetary Policy Committee would on Thursday keep interest rates at 5.25 per cent – the 16-year high that has been causing pain throughout Britain’s economy. More directly, governor Andrew Bailey told reporters: “We’re not there yet.” But the committee seems to be indicating that cuts could come earlier than …

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet
11 months, 1 week ago

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet

Associated Press  

LONDON — Just like the U.S. Federal Reserve, the Bank of England is edging toward cutting interest rates — though not quite yet. “We need to see more evidence that inflation is set to fall all the way to the 2% target, and stay there, before we can lower interest rates,” he said. Bailey also said the bank was keeping …

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank
11 months, 2 weeks ago

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank

Associated Press  

FRANKFURT, Germany — European Central Bank President Christine Lagarde pushed back Thursday against market expectations for quick interest rate cuts even as Europe’s economy sputters and financial markets froth in hopes of cheaper credit that would boost business activity and stock prices. was that it was premature to discuss rate cuts.” Financial markets have been expecting a cut as early …

Interest rate cuts will soften mortgage blow by £11bn in 2024
1 year ago

Interest rate cuts will soften mortgage blow by £11bn in 2024

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Bank of England interest rate …

Bank of England holds interest rates at a 15-year high despite worries about the economy
1 year ago

Bank of England holds interest rates at a 15-year high despite worries about the economy

Associated Press  

LONDON — The Bank of England kept borrowing rates unchanged Thursday despite mounting worries over the state of the British economy, and it showed little sign that it is contemplating cutting them anytime soon — unlike the U.S. Federal Reserve. The central bank left its main interest rate at a 15-year high of 5.25%, where it has stood since August …

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