Rachel Reeves welcomes interest rate cut <br />The Bank of England has cut interest rates for the first time in more than four years, providing much needed relief to millions of homeowners and families still reeling from the higher cost of living. <br /><br />In a tightly contested decision announced at midday, members of the nine-strong monetary policy committee (MPC), the group tasked with setting the UK base rate, lowered borrowing costs after holding them at their peak for the longest stretch in more than two decades. <br /><br />The group voted 5-4 in favour of cutting the base rate by 0.25 percentage points from a 16-year high of 5.25 per cent. Andrew Bailey, the governor of the Bank of England, backed cutting the base rate to 5 per cent. <br /><br />Rachel Reeves interest rate cut <br />Rachel Reeves on interest rates <br />Interest rate cut welcomed by Rachel Reeves <br />Rachel Reeves economic policy <br />UK interest rate cut news <br />Rachel Reeves financial statement <br />Impact of interest rate cut UK <br />Rachel Reeves economic update <br />Interest rates UK Rachel Reeves <br />Rachel Reeves welcomes rate reduction <br />UK economy interest rate cut <br />Rachel Reeves economic speech <br />Interest rate cut benefits UK <br />Rachel Reeves financial news <br />UK monetary policy Rachel Reeves <br />#interestrate #UK #england #news
