Forecasts for interest rate cut in UK changed, hopes for 3% next year dashed

From Sky News: 2024-05-07 22:16:47

The Bank of England is the UK’s central bank, issuing bank notes and setting official interest rates. Founded in 1694, it was nationalized in 1946 and made independent in 1997. The Monetary Policy Committee makes rate decisions with nine independent members and external input. The Bank also regulates major financial institutions. It has £200bn worth of gold stored in carefully guarded vaults, making it the world’s second-largest gold keeper. No gold has been stolen, but in 1836 a sewer worker discovered a drain beneath the vaults and offered to meet directors in the vault without taking any gold.



Read more at Sky News: Money latest: Forecasts for interest rate cut have changed – as hopes for 3% next year dashed | UK News