Market News
Bank of England forecast to slash interest rates this week in 'close call' decision - GB NEWS
Story by Patrick O'Donnell
The Bank of England is predicted to cut interest rates in a matter of days in a boon for homeowners and debt borrowers.
On Thursday (August 1), the central bank's Monetary Policy Committee (MPC) will confirm the latest base rate update.
Interest rates have been raised, and held, at 5.25 per cent in an attempt to mitigate the impact of inflation.
Since May 2024, the consumer price index (CPI) has eased and remained at two per cent which is the Bank of England's desired target.
However, the financial institution has stopped short of slashing the base rate despite this achievement.
While savers have benefited from bolstered interest rates, mortgage and debt repayments have skyrocketed as a result.
