The Bank of England cut rates for the third time in less than six months overnight, bringing the official cash rate to 5.0 per cent.
Despite inflation reaching a nine month high in February, the Bank of England’s Monetary Policy Committee’s decision to cut rates was in response to deteriorating credit market conditions.
“Credit conditions have tightened and the availability of credit appears to be worsening,” the Committee said.
These concerns, coupled with expectations for slower economic growth, led the Committee to conclude that inflationary pressures would remain in check for the medium-term.
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