The ECB Governing Council has decided to decrease the deposit facility rate by 25 basis points to 3.50% in a press release published on 12 September 2024, this is broadly in-line with the Bank of England's MPC decision to cut its base rate taken on 31 July 2024. The Bank of England MPC will be meeting on 19 September 2024 to decide whether or not to continue its monetary tightening policy which has seen the base rate reduced by 25 basis points to 5.00%.