Bank of England expected to cut interest rates

Published On Nov 6, 2024, 7:05 PM

The Bank of England is expected to lower its benchmark interest rate from 5% to 4.75% this Thursday. This follows a drop in UK inflation to 1.7%, the lowest in over three years. A rate cut would make borrowing cheaper but reduce the interest earnings for savers. The decision could also be influenced by recent economic events, including the UK government's budget announcement and potential effects of U.S. economic policies under Donald Trump's administration. Borrowers with variable rate loans might see a reduction in their repayments, while savers could experience diminished interest on their accounts.