Interest Rate Cuts 2024 Uk News. The bank of england boss has said we are on the way to interest rate cuts after they were left unchanged at 5.25%, their highest for 16 years. The bank of england this week is likely to resist signaling imminent interest rate cuts despite the arrival of new data that is expected to show inflation sinking to a 2.
To put into context the impact interest rate rises have had on banking results over the past couple of years, natwest (nwg) earned net interest income of £5.81bn from its lending book in 2020 when rates hit a low of 0.10 per cent due to the pandemic. The bank of england has cut interest rates from 5.25% to 5%, the first drop since the onset of the pandemic in march 2020.
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