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Bank of England Cuts Interest Rates to 4.75%

  • #Finance
  • #Economic conditions & trends
  • #United Kingdom
  • #Politics
  • #Europe
Bank of England Cuts Interest Rates to 4.75%
story
NOV 2024
Above: The Bank of England holds the central bank's Monetary Policy Report press conference Nov. 7, 2024. Image copyright: Henry Nicholls/WPA Pool via Getty Images
story last updated NOV 2024

The Spin

Left narrative

This decision shows confidence in Chancellor of the Exchequer Rachel Reeves's pro-growth economic plan. While some will inevitably complain, and the UK economy is in dire need of a substantial overhaul, the Labour government has taken its first steps in leading the country back in the right direction and will only benefit from another interest rate cut.

Guardian

Right narrative

The BoE's analysis is clear: progress has been made to reduce inflation, but Reeves's high-cost agenda is at risk of undoing the hard work of the last two years. Given Labour's spending obsession, it is likely that Bailey and the BoE will have to slow down interest rate cuts even further, placing greater financial pain on millions of homeowners and working people.

The Telegraph

Metaculus Prediction


Public Figures

Bank of England

Andrew Bailey


The Controversies


Status:Resolved
When Will Inflation Reach the Bank of England’s 2% Target?
Controversy
+8
NOV 8 2024NOV 8 2024

NO TIME SOONIMMINENTLY
Status:Resolved
When Will the Bank of England Cut Interest Rates?
Controversy
NOV 8 2024NOV 8 2024

Political split

LEFT

RIGHT

The interest rate cut is good news for Labour
Spectator (UK)NOV 2024
What Donald Trump's Win Means for Housing Market
NewsweekNOV 2024
Bank of England cuts interest rates by 0.25 points to 4.75%
GuardianNOV 2024
UK interest rates cut to 4.75%, as Bank of England warns budget will add to inflation – business live
GuardianNOV 2024
City analysts overwhelmingly predict Bank of England interest rate cut
GuardianNOV 2024
Ignore the doom-mongers: the good news on interest rates shows Labour is on the right track
GuardianNOV 2024
Bank of England cuts interest rates to 4.75% – but mortgages still set to rise
IndependentNOV 2024

More neutral political stance articles

Bank of England set for second cut after Labour reveals tax-hiking budget
CNBCNOV 2024
Bank of England is set to cut interest rates despite potential new inflation worries
Associated PressNOV 2024