The Bank of England announced today, Thursday, a 25 basis point cut in interest rates to 5%, which represents the first cut since March 2020, which is likely to lead to a decrease in mortgage repayment deals.
The BBC reported that the bank has kept interest rates at 5.25% since August 2023, the highest level in 16 years, in an attempt to deal with rising prices across the United Kingdom.
The last time interest rates were cut was in the early days of the Corona pandemic, when rates were reduced to a record low of 0.1% in an attempt to boost the economy at the time.
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