Interest rate cut to 5%
Plus, CrowdStrike sued over global outage, the power of taking time off, Bill Ackman withdraws IPO despite “enormous investor interest” and people are not happy about Olympic selfies
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By Sarah Vizard
The Bank of England (BoE) has cut the interest rate to 5 per cent, the first reduction since March 2020 when the coronavirus pandemic led to interest rates dropping to 0.1 per cent. The Bank Rate has been at a 16-year high of 5.25 per cent since August 2023 in a bid to temper inflation that hit a high of 11.1 per cent in October 2022.
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