Bank of England prepared to cut rates if job market slows, says governor
Summary
The governor of the Bank of England, Andrew Bailey, stated that the bank is ready to lower interest rates more significantly if the job market slows. Interest rates are currently at 4.25%, and changes will be considered in their next meeting on August 7.Key Facts
- The Bank of England may make larger interest rate cuts if the job market weakens.
- Andrew Bailey, the governor, expects interest rates to decrease over time.
- Current interest rates are 4.25%.
- Interest rates influence mortgage, credit card, and savings rates for many people.
- National insurance contributions for employers increased from 13.8% to 15% in April to raise government revenue by £25 billion annually.
- The UK economy shrank by 0.1% in May, after a decrease in April, mainly due to weak manufacturing and retail sales.
- The Bank's next meeting to review interest rates is on August 7.
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