Bank of England cuts interest rate for first time in four years, but it was the closest call

[mahatmakanejeeves]

Bank of England cuts interest rate for first time in four years, but it was the closest call

By Hanna Ziady, CNN
3 minute read • Updated 9:49 AM EDT, Thu August 1, 2024

London (CNN) — The Bank of England cut interest rates Thursday for the first time since the start of the pandemic, providing some relief to households squeezed by the highest borrowing costs in 16 years.

The decision takes the benchmark interest rate in the United Kingdom to 5% from 5.25%, where it had stood since September following the longest-running series of successive rate hikes in at least a century.

The knife-edge decision saw five members of the Bank of England’s monetary policy committee vote to reduce the rate, while four wanted to keep it on hold.

Bank of England governor Andrew Bailey told reporters the decision to cut rates was “finely balanced,” suggesting that the bank will proceed cautiously.

{snip}

[gab13by13]

1. Jerome should have cut ours 0.25

but then again TSF ordered him not to make any cuts until after the election.

[mopinko]

2. hoping rates drop a bit here soon.

i’ve been trying to buy my neighbor’s 2 flat for yrs. he has finally figured out where he wants to move, so i’m hoping that happens soon. i had more cash on hand b4 the plague, but i sorta got my ass kicked.
i wont b able to swing it unless we can do a little creative financing. i had a sell a nice sf rental i rehabbed to get caught up, and the loss of that rent check stings.
he’s rly let it slide the last several yrs, so it’s gonna take a lot of work. at least it’s easier to find a good contractor these days.