UK cuts interest rates further in three months... 5.0% → 4.75%

The UK has further cut its benchmark interest rate in three months.

The Bank of England held a monetary policy committee meeting on the 7th local time and decided to cut its key interest rate by a quarter of a percentage point to 4.75% from 5.0%.

It is the first additional cut in three months since August, when it cut interest rates to 5% for the first time in more than four years.

This is the second time the Bank of England has cut its benchmark interest rate since March 2020.

Earlier, the UK had raised interest rates for the 14th time in a row until August last year, and it had frozen for the seventh time in a row until June this year, maintaining a 16-year high of 5.25%.

Consumer inflation in September, announced last month, fell to 1.7% per annum, the lowest since April 2021, which is believed to have bolstered the interest rate cut theory.