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First interest rate cut in four years by the BoE due to decreasing inflation.


The Bank of England made a significant move by cutting interest rates by 0.25% to 5% in a close 5-4 vote as inflation met the 2% target. This decision caused the British pound to weaken and led to a slight rebound in UK equities. The rate cut decision came after a year of stable rates and was driven by declining inflationary pressures. The split vote among policymakers reflects divided opinions on the appropriate monetary policy stance.

The Bank of England’s decision was influenced by the ongoing decline in price pressures, with headline inflation remaining at 2% year-on-year in June 2024, the lowest level since 2021. The Monetary Policy Committee anticipates weaker pay and price-setting dynamics, as GDP falls below its potential, and the labour market eases. Market reactions to the rate cut included a sharp decline in the British pound against the US dollar and the Japanese yen, along with a slight rise in UK equities.

Rolls-Royce and Next saw significant gains following positive quarterly results, while Barclays and Shell experienced mixed reactions to their earnings reports. The Bank’s rate cut was seen as a response to moderating inflation and economic conditions, while leaving the door open for future adjustments based on evolving data. Overall, the decision reflects the Bank’s cautious approach to monetary policy as it navigates the current economic environment.

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