Chancellor Reeves says she "welcomes" the interest rates cut from 4.25% to 4%, adding it's "good news" for homeowners, people trying to get onto the housing ladder and businesses that are "borrowing to grow". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
00:00I welcome the fact that interest rates have come down today. That's good news for homeowners, good news for businesses.
00:07And interest rates have now come down five times since Labour came to office, in part because of the stability that we've managed to return to the economy
00:15after the chopping and changing the mini-budget under the Conservatives and Liz Trust.
00:21And what that means, that fifth cut in interest rates, is that if you're taking out a mortgage for £215,000,
00:30you're going to be paying on a variable rate around £140 less a month than when we came to office just over a year ago.
00:38So this is good news for people wanting to get on the housing ladder, people remortgaging and also businesses borrowing to grow.
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