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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows the UK government's recent budget announcement and Donald Trump's election as US president, which may influence future monetary policy amid concerns over inflationary pressures.
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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows a decline in UK inflation below the target level, but future cuts may be cautious due to recent government budget measures and economic uncertainties.
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Starting January 1, 2025, the average UK household will see their energy bills increase to £1,738 annually, marking a £21 rise from the previous cap. This follows a 10% increase in October, raising concerns about affordability during winter months.