The Bank of England has cut interest rates to 4.5% from 4.75%, marking their lowest point since June 2023. 

The Bank’s Monetary Policy Committee voted 7-2 in favour of the cut; the two members wanted a bigger cut to 4.25%. 

Thursday, 6th February 2025, saw an unexpected but much-appreciated cut in interest rates from 4.75% to 4.5%. 

Cutting interest rates makes borrowing cheaper, including for mortgages and loans, and is intended to boost consumer spending. Cutting interest rates could also lead to lower returns for savers. 

The Bank of England expects the UK economy to grow by 0.75% in 2025, down from a previous forecast of 1.5%. 

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