The cut was in line with market expectations but the rate setters themselves seemed less sure of the BoE’s path as only five of the nine members of the Monetary Policy Committee voted for this cut, with two voting for a larger cut of 0.5% and two preferring to hold.
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”.
Having met expectations commentators now expect more BoE cuts this year. …
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