Bank of England cuts interest rates for first time since 2020

The Bank of England voted to end pain for households and businesses today, cutting interest rates for the first time in over four years

The Bank of England, City of London
(Image credit: Scott E Barbour/Getty Images)

Interest rates have been cut to 5% today (1 August), in the first downward move from the Bank of England since the frantic days of the coronavirus pandemic. 

The Monetary Policy Committee (MPC) was closely split, voting to cut rates by a majority of 5-4. Governor Andrew Bailey cast the deciding vote. 

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.