Banknotes: July to September 2024
A round-up of news and salient issues that have affected central bankers in the past three months
The Bank of England’s monetary policy committee voted 5–4 to lower its bank rate by 25 basis points to 5% on August 1, after the Federal Reserve held rates the previous day. The decision was the BoE’s first rate cut since March 2020. The rate had remained at 5.25% since last August. The bank’s governor, Andrew Bailey, said inflationary pressures had eased enough for the bank to be able to cut rates. Annual consumer price index inflation was at 2% in May
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