The Bank of England cuts interest rates as tariffs endanger global economic growth
CNN
The Bank of England has cut its main interest rate by a quarter of a percentage point, citing lower UK inflation.
The Bank of England has cut its main interest rate by a quarter of a percentage point, citing lower UK inflation. The move, which had been widely expected, brings the main cost of borrowing in Britain to 4.25%. It is the fourth cut the central bank has made since it started reducing rates in August last year. The central bank said in a statement that “substantial progress” on reducing inflation over the past two years has allowed it to gradually cut rates. But it also said that “uncertainty surrounding global trade policies has intensified” since US President Donald Trump’s tariffs have ignited a trade war in recent weeks. “Prospects for global growth have weakened as a result of this uncertainty and new tariff announcements, although the negative impacts on UK growth and inflation are likely to be smaller,” the central bank said. Last month, Bank of England Governor Andrew Bailey said he was concerned about the potential “growth shock” of Trump’s tariffs.
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