Bank of England Cuts Interest Rate By 25 Basis Points

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The Bank of England has decided to cut interest rates by 25 basis points moving it from 5.25% previously to now at 5.0%. This is the first time in four years, since the onset of the COVID-19 pandemic in 2020, that the Bank of England has chosen to pivot from its monetary tightening policy amid soaring inflation. While the BoE Governor Andrew Bailey also voted in favor of the rate cut, he said that they won’t be cutting rates too-often going ahead. A day before, the US Federal Reserve decided to keep interest rates unchanged at 5.25%