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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
LONDON, Dec. 18 (Xinhua) — The Bank of England on Thursday announced a 25 basis point cut to 3.75 percent, the lowest since early 2023.
The current rate cut is the sixth since August 2024, when the Bank of England began easing monetary policy from a 16-year high of 5.25%.
The rate cut came amid slowing economic growth and signs of a cooling labor market. Inflation in the UK has recently declined, but remains above the Bank of England's 2% target.
According to the Office for National Statistics (ONS), the annual rate of inflation, measured by the consumer price index, fell from 3.6 percent in October to 3.2 percent in November. The decline was sharper than analysts had expected, although the inflation rate remains the highest among the G7 economies.
However, according to official data, the British economy continues to exhibit weak performance. Real GDP contracted by 0.1% in the three months to October, reflecting weakness in key sectors.
The labor market also showed further signs of weakening. According to data for the three months ending October, the unemployment rate was 5.1 percent, the highest in nearly five years excluding the pandemic, while the employment rate, as measured by payroll data, continued to decline.
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