Bank of England cuts interest rate to 5% in first drop since 2020
The Bank has reduced rates from 5.25% to 5%.
The Bank has reduced rates from 5.25% to 5%.
Expectations on financial markets show about a 65% chance of the Bank of England’s policymakers opting to reduce rates on Thursday.
Expectations on financial markets show about a 65% chance of the Bank of England’s policymakers opting to reduce rates on Thursday.
The latest available data is from June this year and shows inflation was 2.0%.
The ONS said average regular earnings growth dropped to 5.7% in the three months to May, while the rate of unemployment remained at 4.4%.
May’s annual increase in UK house prices followed eight months of falls.
The rate of Consumer Prices Index inflation remained unchanged at 2% in June, the Office for National Statistics said.
The rate of Consumer Prices Index inflation was at 2% for the second month in a row last month, the Office for National Statistics said.
New data released from the Office for National Statistics on Wednesday will reveal how fast prices were rising across the UK last month.
A busy week for economic data will shed more light on the economy after inflation returned to the Bank’s 2% target in May.
The Groceries Code Adjudicator (GCA) said it would ‘not hesitate’ to launch a formal investigation to ensure Amazon was treating its suppliers fairly.
The headline Consumer Prices Index inflation rate returned to the Bank’s 2% target in May.
An estimated 91,290 sales took place in May, which is 17% higher than in May 2023, HM Revenue and Customs said.
First-time buyers now face paying £227,757 for a home, rising to more than half a million pounds in London, Rightmove said.
First-time buyers typically need a household income which is £14,900 more than five years ago, Zoopla said.