Why has the Bank of England cut rates?
Governor Andrew Bailey has some explaining to do
Governor Andrew Bailey has some explaining to do
How do you fight annual inflation that is running at 3.6% and set to hit 4% in September? How about an interest-rate cut? The Bank of England has cut rates to 4%, the lowest level in over two years. The Monetary Policy Committee’s (MPC’s) decision was unusually close, with five of the nine members voting for the change, and four voting to hold rates at 4.25%. The committee required two votes to reach a decision, showing an unprecedented level of deadlock. The MPC has cut rates five times in the ...