Interest rates are cut to 5%

The Bank of England has cut interest rates to 5%.

The Bank of England has cut interest rates by quarter of a percent to 5% today. This is the first time interest rates have been cut since March 2020, and will likely lead to lower mortgage repayment deals.

The Bank had previously held rates at a 16-year high of 5.25%, as it attempted to tackle rising prices across the UK.

According to reports, it was a narrow vote in favour of an interest rate cut. Three committee members led by the Governor of the Bank of England, Andrew Bailey, switched their votes from hold at 5.25% to cut to 5%, giving a 5-4 majority in favour, compared with a 7-2 vote in June.

The news of the cut in interest rates is a welcome one for first time buyers, homeowners with tracker mortgages and landlords.

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