Bank of England to cut Interest rates as inflation falls in homeowners boost - Live

"The Bank of England is expected to lower interest rates on Thursday after inflation fell to an eight-month low in November. The Monetary Policy Committee is tipped to cut the base rate from four per cent to 3.75 per cent - the fourth such rate cut this year, following reductions in February, May and August. This would bring borrowing costs down to the lowest rate since the beginning of February 2023."

"The rate of CPI fell to 3.2 per cent in November, from 3.6 per cent in October, the Office for National Statistics (ONS) said. This was largely driven by food and drink inflation, which dropped to 4.2 per cent from 4.9 per cent, while alcohol and tobacco prices also eased. The BoE has been reluctant to make cuts due to lingering inflation, but the recent glut in economic data means a rate cut is all but certain, economists believe."

The Bank of England is expected to cut the base interest rate from 4% to 3.75% this week after CPI inflation fell to 3.2% in November, down from 3.6% in October. Food and drink inflation eased to 4.2% from 4.9%, with alcohol and tobacco prices also easing. The cut would be the fourth this year, lowering borrowing costs to their lowest since February 2023. ONS data showed the UK economy contracted 0.1% in October, with rising unemployment and slowing wage growth, bolstering economist expectations that the Monetary Policy Committee will approve a rate cut.

Read at www.independent.co.uk