Bank of England narrowly votes to cut interest rates

Bank of England narrowly votes to cut interest rates

08 Aug 2024

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The Bank of England (BOE) voted to cut interest rates by 0.25% at their 31 July meeting in a move widely expected after the UK Consumer Prices Index (CPI) fell to 2% in May and remained there in June.

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Month in brief

• The Bank of England cut interest rates to 5% by vote of five to four
• The Federal Reserve has strongly hinted at interest rate cuts in September
• UK equities were buoyed by a landslide win for Labour in the General Election
• UK DB pension scheme funding reduced slightly in July as liabilities outgrew assets

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