For the second time in 2024, the Bank of England has reduced the base rate, lowering it from 5.00% to 4.75%. While not a unanimous decision, the reduction reflects the central bank’s ongoing efforts to ease financial pressures.
However, Bank of England Governor Andrew Bailey has indicated that while additional cuts may be on the horizon, a further rate reduction in December is now less likely following recent budget announcements. Instead, gradual rate reductions are expected to extend into 2025.
What Does This Mean for Your Mortgage Payments…..
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