The Bank of England has cut interest rates to 4.5%, down from 4.75%. That means the interest rate is at its lowest level since June 2023, meaning the cost of borrowing has fallen to its lowest point in more than 18 months. Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00I think what we're seeing actually in the economy underlines just why we need this agenda.
00:04We've had weak growth now really for the last 15 years since the financial crisis.
00:09So we have got to address it. What I would caution though of course is that it's absolutely
00:15the right thing to do but we've got to invest in it both literally and sort of figuratively.
00:20We won't see the results immediately. Growth measures take time to come through.
00:26Just got to stick at it. We've had some very big shocks in recent years. I think that's caused
00:32consumers to be quite cautious in their spending plans. I mean it's what our agents around the
00:37country tell us. All the businesses tell them that we've seen an increase in real incomes
00:42in households now for about two years but it's not coming through into consumption.