Bank of England holds interest rates at 5.25% again

Interest rates have been frozen at 5.25% for seven meetings in a row. Here is what it means for your money. Plus, when will interest rates finally be cut?

Bank of England in the City of London on 11th June 2024
Will we see a first cut from the Bank of England in August or September?
(Image credit: Getty Images)

Interest rates have been held at 5.25% for the seventh time in a row by the Bank of England.

It means interest rates remain at a 16-year high. 

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.