The Bank of England has cut interest rates to 5% at its August Monetary Policy Committee meeting, the first reduction of the UK’s base rate in four years. Responding to the cut, Chancellor of the Exchequer Rachel Reeves said: “Homeowners will welcome this cut in interest rates, but I know that millions of people are still paying higher mortgage rates after the Conservatives mini-budget. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Homeowners will welcome this cut in interest rates but I know that millions
00:04of people are still paying higher mortgage rates after the Conservatives
00:08mini-budget less than two years ago that sent interest rates and mortgage rates
00:13soaring. That's why I'm focused on taking the difficult decisions to fix the
00:18foundations of our economy so we can rebuild Britain and make every part of
00:21our country better off.