FTSE 100 notches new record after Bank of England cuts rates The FTSE 100 reached a record high on Thursday after the Bank of England announced that it is cutting interest rates.
She said: “The latest interest rate cut from the Bank of England might come with warnings about weak growth and the unpleasant return of higher prices, but today investors were happy to look past that and focus instead on the prospect of more cuts this year than had previously been priced in.”.
Nonetheless, governor Andrew Bailey said the Bank stood ready to cut rates again this year, boosting the FTSE.
Policymakers said economic growth is going to be half as much as they previously thought, at just 0.75%, while interest rates are going to rise faster than expected.
In company news, AstraZeneca, one of the biggest companies on the index, said revenues jumped by almost a fifth in the past year amid strong sales of its cancer treatments.
