News Release
Bank of England Reduces Interest Rates by 0.50% to 6.75%
05 November 1998
The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.50% to 6.75%.
Since the August Inflation Report was published, news about the international environment and the prospects for domestic activity have led the Committee to moderate its forecast for growth next year and to revise downwards its projection for inflation over the next two years. As a result, the Committee concluded that a reduction in interest rates of 0.50% was appropriate in order to maintain a path for inflation consistent with the target. The latest projections will appear in the Inflation Report to be published on 11 November.
The minutes of the meeting will be published at 9.30am on Wednesday 18 November.
Note for Editors
The previous change in interest rates was a cut of 0.25% on 8 October 1998.
