Economy

BoE cuts interest rates to 3.75%

The Bank of England (BoE) has voted to cut interest rates from 4% to 3.75%, the lowest the level has been since February 2023, and marking the fourth rate cut made this year. The bank’s Monetary Policy Committee (MPC) voted by a majority of five to four to reduce Bank…

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BUDGET: Income tax bands frozen, minimum wage to increase, NI-exempt pension threshold scrapped

Income tax and NI thresholds will be frozen while the minimum wage will rise by 50p from April 2026, the chancellor Rachel Reeves said in her Autumn Budget statement today. Reeves announced a series of tax changes in other areas, including salary-sacrificed NI contributions on pensions, as part of measures…

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UK retail footfall dips 1.3% in October

Retail footfall across the UK fell 1.3% in October compared with the same month last year, according to data from MRI Software.  The decline was led by a 2.3% drop in high street visits, while shopping centres and retail parks recorded smaller decreases of 0.2% and 0.4% respectively. The report…

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BoE holds interest rates at 4% ahead of Budget

The Bank of England (BoE) has voted to keep interest rates steady at 4% ahead of the upcoming Budget announcement on 26 November.  The bank’s Monetary Policy Committee (MPC) voted by a majority of five to four to maintain the rate, with four members voting to reduce it by 0.25…

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Retail sales edge up 2.3% in September as food spending drives growth

UK total retail sales rose by 2.3% year on year in September, up from growth of 2% in September 2024 and above the 12-month average increase of 2.1%, according to the British Retail Consortium (BRC). Food sales increased by 4.3% on the year, compared with 2.3% growth in September 2024…

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BoE holds interest rates at 4%

The Bank of England (BoE) has voted to hold interest rates steady at 4% amid concerns around the recent rise in inflation. At a meeting this week, the Monetary Policy Committee (MPC) voted by a majority of 7–2 to maintain the rate, as two members voted to reduce it by…

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BoE cuts interest rates to 4.25%

The Bank of England (BoE) has cut interest rates to 4.25%, down from the previous rate of 4.5%, marking the fourth rate cut since last year’s peak of 5.25%. At its meeting ending on 7 May, the bank’s monetary policy committee (MPC) voted by a majority of 5–4 to reduce…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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BoE holds interest rates at 4.5%

The Bank of England (BoE) has voted to hold interest rates at 4.5%, having cut the rate last month to its lowest level since June 2023. At its meeting ending on 19 March, the bank’s monetary policy committee (MPC) voted by a majority of 8–1 to maintain the rate at…

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BoE cuts interest rates to 4.5%

The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…

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