Bank of England Expected to Cut Interest Rates

The BBC is reporting that interest rates are widely expected to be cut by the Bank of England on Thursday, in a move closely watched by businesses and consumers.

Most analysts predict that the benchmark rate will fall from its current level of 5 per cent to 4.75 per cent.

That would make borrowing money cheaper, but is likely to reduce the returns available to savers.

The Bank’s Monetary Policy Committee meets eight times a year to set rates.

Later in the day, the US central bank – the Federal Reserve – will also publish its latest interest rate decision.

It will come just a day after Donald Trump won the presidential race.