Bank cuts interest rates to 5.25%

The Bank of England's rate-setting committee has cut interest rates to 5.25% from 5.5% amid signs that the UK economy is slowing down.

Analysts had widely predicted the move, which followed recent cuts in the US, where the Federal Reserve has slashed its borrowing costs to 3% from 4.25%.

However, the Bank of England signalled it was unlikely to be as aggressive because of fears over rising prices.

Several mortgage lenders said the rate cut would be passed on to borrowers.

Link:

It is always important to keep up with the economy of your nation. All this shows is that economy is slowing slightly.

Grade this: