Interest Rate Cuts 2024 Uk News. The bank of england made the first cut to interest rates in four years in august 2024, giving hope to mortgage holders that the borrowing squeeze is coming to. Uk interest rates should be cut to 3.5% by the end of next year, the international monetary fund (imf) has recommended.
Uk interest rates were cut on 1 august 2024 for the first time since 2020, bringing some mild relief to households and businesses struggling with higher mortgage costs and debt repayments. Such a move could see the bank of england cut its key rate by up to seven.