The Bank of England is set to make a decision on UK interest rates today, with expectations leaning towards no change at 5%. The Federal Reserve in the US cut rates by 0.5% yesterday, emphasizing the need for a more neutral policy stance rather than fears of a recession. Economists predict the UK will maintain rates due to inflation being above target and uncertainty in the economy. New data suggests mortgage rates have fallen following the Bank of England’s rate cut in August, benefitting borrowers. However, the failure rate for direct debits has increased by 12%, signaling financial struggles for consumers. Europe’s carmakers are calling for urgent action to meet emission reduction targets. Norway has also decided to leave interest rates on hold until 2025. Wall Street is expected to rally today following the US rate cut. Overall, global economic uncertainties are impacting monetary policy decisions around the world.
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Bank of England likely to keep UK interest rates unchanged following significant Fed rate cut – live updates on business
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