Will pre-Christmas interest rate cut be enough to boost UK economy next year?

Bank of England governor Andrew Bailey is optimistic about the economy as inflation falls, leading to a recent "Santa cut" interest rate decrease. The decision, signaling a potential boost for the sluggish economy, was prompted by the realization that the UK is on track to reach a 2% inflation target sooner than expected. Despite uncertainties regarding economic growth and savings rates, the lower interest rates are expected to encourage spending and confidence, potentially providing a much-needed push for the economy in the upcoming year.