The Bank of England cut interest rates by 25 basis points, marking the first rate cut since March 2020

ChainCatcher news, according to Jinshi reports, the Bank of England cut interest rates by 25 basis points to 5.00%, in line with market expectations, marking the first rate cut since March 2020.

The Bank of England needs to ensure that inflation remains low and be cautious not to cut rates too quickly or too much. Bank of England Governor Bailey stated that the Monetary Policy Committee will act cautiously.