The Bank of England has announced interest rates have been cut for a second time this year, with the base rate dropping from 5 per cent to 4.75 per cent. This decision aims to make borrowing cheaper and improve spending; however, it will also mean lower returns on savings. The policy is primarily a measure to control inflation.
In September, the inflation rate (CPI) reached 1.7 per cent, dropping below the Bank's target of 2 per cent for the first time in over three years, contributing to the Bank's decision to lower interest rates again.
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