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The Economist
The Economist
1 Aug 2024


NextImg:Was the Bank of England right to start lowering interest rates?
Britain | Cutting loose

Was the Bank of England right to start lowering interest rates?

Andrew Bailey takes a calculated risk

It was a close call. On August 1st the Bank of England announced that it was cutting interest rates by 0.25 percentage points. The votes of its Monetary Policy Committee (MPC) were split five to four. Ahead of the announcement, markets had also been divided, pricing in roughly a 60% chance of a cut. The bank says it intends to reduce rates only gradually from here. Markets reckon it will do so once more before the end of the year (see chart).

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What will Great British Energy do?

The new body’s first job is to unblock private investment

Britain’s railways go from one extreme to another

Departing: privatisation. Destination: centralisation


The disease that most afflicts England’s National Health Service

Stopping raids on capital budgets would be a start


A riot in Southport shows how the British far right is changing

It has become easier to spread lies and stir up trouble online