Financial News: Bank Of England Cuts Rate For Second Time

Bank Of England Cuts Rate For Second Time This Year

11/07/2024 - 07:39:00 (RTTNews)

(RTTNews) - The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation.

The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.

Previously, the bank had reduced the policy rate by a quarter-point in August, which was the first reduction since March 2020.

At the November meeting, eight members voted for a 25 bps cut, while Catherine Mann alone voted to maintain the rate at 5.00 percent.

The MPC said a gradual approach to removing policy restraint remains appropriate. "Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further," the bank said in a statement.

The committee continues to monitor closely the risks of inflation persistence and will decide the appropriate degree of monetary policy restrictiveness at each meeting, the BoE said.

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