BoE Base Rate reduced to 5.00% - August 2024

The Bank of England base rate has been reduced to 5.00%.

The base rate was reduced from 5.25% to 5.00% on 01 August 2024.

After 13% consecutive rate increases by the Bank of England to curb inflation (in August 2023) and then held until inflation reached a target of 2% which according to the Bank's projection models was likely to be around Q2 of 2025. However, this was hit much earlier in May and June of this year and therefore the Monetary Policy Committee have decided to reduce the interest rate to help ease pressures on struggling households.

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