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Bank of England under pressure to bring forward interest rate cuts | Personal Finance | Finance [Video]

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Small Business Lifestyle

A slowdown in wage rises has raised hopes the Bank of England will have room to bring forward cuts in the base interest rate.

Lower wage growth has helped to ease concerns about inflation, which is predicted to fall to the target rate of two percent in the next few months.

Market analysts have been predicting that the Bank of England’s Monetary Policy Committee (MPC) will cut the base rate in August or possibly June.

However, the good news on wage growth and inflation could, potentially, pull this forward.

The Governor of the Bank of England, Andrew Bailey, and the MPC have been criticised for being too slow to cut rates, which is putting a squeeze on consumers and the wider economy.

However, he has rejected these complaints, warning the world is “a much more uncertain and dangerous place than we have been used to”.

Figures from the Office for National Statistics (ONS) showed wage growth slowed from 6.2 percent to …

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