Following a number of years of anxiety around inflation and interest rates, we have some exciting news to share.
Rising inflation has been a serious issue for the UK as it's been contributing to the on going cost of living crisis.
Inflation reached a peak of 11% back in the autumn of 2022, and for a while there was uncertainty around how long it could take to get back under control.
Therefore it was welcome news when inflation fell to 2.2% in August of this year, only 0.2% away from the Bank of England's target of 2%.
In what has been a bit of a surprise for even the Bank of England themselves, inflation has fallen below 2% to 1.7%. Could we see another interest rate cut on the horizon?
Will there be another interest rate in 2024?
Back in August when inflation dropped to 2.2%, the Bank of England cut interests for the first time four year, reducing the base rate down to 5%.
Now that inflation has reduced again, it's reasonable to be hopeful that another rate cut could follow.
Numerous financial analysts had been predicting that we could see another rate cut in November, and now that inflation has dropped below the Bank of England's target this speculation has only intensified.
Some experts are going as far to suggest this could pave the way for yet another cut in December.
However this is highly speculatory, and while we are hopeful that there will be another cut this year, it's best to be cautiously optimistic as only time will tell if these cuts will really happen.
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Your Move E-Marketing Executive
