The Monetary Policy Committee (MPC) members have voted by a slight majority of five to four to cut rates.
Among the dissenting voices, two preferred a much larger 0.5% cut to 4%, while the other two wanted to hold and keep the Bank rate at 4.5%.
BoE 25bps cut ‘nailed on’ but analysts warn labour market ‘cracks are beginning to show’
In its reasoning today (8 May), the MPC said that while progress on disinflation in domestic price and wage pressures continues, the uncertainty surrounding global trade policies “has intensified since the imposition of tariffs by the United States”.
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