ECB cuts interest rates for the first time in almost 5 years – will the Bank of England follow?

ECB cuts interest rates for the first time in almost 5 years – will the Bank of England follow?

European Central Bank President Christine Lagarde Rates Decision News Conference
(Image credit: Bloomberg / Contributor)

The European Central Bank (ECB) has cut interest rates for the first-time in five years, raising hopes that the Bank of England will follow suit.

The cost of borrowing in the Eurozone has been reduced from a record high of 4% to 3.75%, with the ECB citing progress in tackling inflation but it refused to commit to further cuts.

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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.