Bank of England Cuts Interest Rate to 4.75%
Thursday 7 November, 2024
The Bank of England (BoE) announced today (07/11/2024) that it has lowered its base interest rate from 5% to 4.75%. This adjustment, decided at the latest Monetary Policy Committee (MPC) meeting, marks only the second reduction since the BoE began raising rates in late 2021.
The purpose of this rate cut is to try to bolster economic activity while still aiming to meet the 2% inflation target. Many analysts are now watching closely to see how lenders will respond to this development.
Christian Phillips, a Mortgage Adviser in Worthing, commented:
“Given the ongoing complexities in the mortgage market, seeking professional mortgage advice is increasingly important. A skilled mortgage adviser can help navigate the wide range of available options, ensuring you find the financial solution best suited to your needs.”
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
