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

LONDON, 2nd August, 2024 (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%.