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Interest rates live: Bank of England cuts interest rates to 4.5% but UK growth downgraded

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Bank of England cuts interest rates to 4.5% but UK growth downgraded - Bank MPC votes to cut borrowing costs but also slashes short-term growth forecasts for economy in blow to Rachel Reeves
The Bank of England has reduced interest rates to 4.5%, marking a significant policy shift aimed at stimulating economic activity amidst signs of slowing growth. This decision comes as the UK's economic growth forecasts have been downgraded, reflecting concerns over persistent inflation and weaker-than-expected economic performance. The rate cut is intended to ease borrowing costs for businesses and consumers, potentially encouraging investment and spending. However, this move also signals the central bank's cautious approach to managing inflation, which remains above the target, and the broader economic challenges facing the UK, including Brexit-related uncertainties and global economic pressures.

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