Interest rates drop to 4.25 % - the lowest in two years

Economics | 8th May 2025, 15:15 | Published by GBC News

The Bank of England has cut interest rates from 4.5% to 4.25% - the lowest in two years.

The news will mean a drop in local rates too – for the second time this year.

Lower interest rates are designed to boost spending by making borrowing, including mortgages, cheaper.

More cuts are predicted later this year.