Chancellor Rachel Reeves has welcomed the cut to interest rates announced by the Bank of England. Interest rates have gone from 4.5% to 4.25%. Ms Reeves said: "We have had four interest rate cuts now in ten months. It's so important that this government has returned stability to the economy." Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00It's very good news that we've had four interest rate cuts now in the last 10 months.
00:05And for someone on a variable rate mortgage, that can mean around £100 a month off mortgage payments.
00:11So that is significant.
00:13I recognise, though, that families are still struggling with the cost of living crisis.
00:17And whether it is interest rates or inflation, it's so important that this government has returned stability to the economy
00:24because stability means lower inflation, lower interest rates, making working people better off.