Rachel Reeves

Money Moves

Fiscal decisions are now explicitly part of the inflation-and-growth chessboard

This cut had courtroom drama energy. The Bank of England dropped rates to 3.75%—but only because Governor Andrew Bailey switched his vote and made it 5–4. The immediate market read was hawkish-by-UK-standards: sterling rose and gilt yields ticked higher as traders pared back expectations for rapid 2026 easing.

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