Interest Rates Cut UK: Bank of England Slash Rates From 4.25% to 4% in Home Mortgage Holder Boost
UNITED KINGDOM, AUG 7 – The Bank of England's third rate cut this year aims to lower mortgage payments for 17% of variable-rate borrowers and support economic growth amid inflation concerns.
- On Thursday, the Bank of England cut its base rate by 0.25 percentage points to 4%, marking the third rate cut this year and the fifth since last year.
- The UK unemployment rate rose to 4.7% in the three months to May, prompting the Bank of England to support growth amid slowing earnings growth.
- Tracker mortgage holders can expect reduced repayments following the cut, with UK Finance estimating around 590,000 customers will see borrowing costs drop.
- Rachel Reeves hailed the rate cut as ‘welcome news’ for mortgages and loans, while Sir Mel Stride criticized it as supporting a ‘weak economy,’ highlighting political opposition.
- Looking ahead, the Bank of England projects inflation will peak at 4% in September and return to 2% by September 2027.
Insights by Ground AI
Does this summary seem wrong?
53 Articles
53 Articles
Savings rates fall after base rate cut – here are the best deals on the market
The top fixed savings rates are continuing to fall following the Bank of England’s base rate cut earlier this week but experts say savers still have room to beat inflation – if they’re willing to shop around.According to the latest figures from Moneyfactscompare.co.uk, the top one-year fixed savings rate dipped again this month, now paying 4.5 per cent. This is down from 5.4 per cent a year ago. Meanwhile, the leading five-year fix stands at 4.6…
·London, United Kingdom
Read Full Article
+16 Reposted by 16 other sources
Bank of England rate: mortgage relief as Bank of England cuts rate to 4% - what change means for you
Homeowners could see welcome savings on repayments, but savers may need to act fast 📉
·Kirkcaldy, United Kingdom
Read Full Article
+9 Reposted by 9 other sources
Interest rates: Why have they been cut and what does it mean?
Here the PA news agency looks at what the decision means and what the Bank expects to happen to the economy.
·Northwich, United Kingdom
Read Full ArticleCoverage Details
Total News Sources53
Leaning Left4Leaning Right0Center22Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
15%
C 85%
Factuality
To view factuality data please Upgrade to Premium