Chancellor says interest rates cut is 'welcome news'

In a visit to a north London community centre, Chancellor Rachel Reeves said the interest rates cut could knock £100 off monthly mortgage payments for first-time buyers.She said: “It’s welcome news for families and businesses that the Bank of England have now cut interest rates six times since the general election, taking interest rates to 3.75%, the lowest in nearly three years, and the fastest pace of interest rate reduction for 17 years.“What it means for a first-time buyer with an average-sized mortgage is £100 less a month because of the successive cuts in interest rates.”