Interest rates have been held at 4.5 per cent by the Bank of England (BoE) during mounting global uncertainty and growing trade tensions sparked by Donald Trump.
That was the level reached in February when the Monetary Policy Committee (MPC) made its first cut since November last year, in so doing bringing the rate down to its lowest level since mid-2023. March’s decision saw the MPC members vote 8-1 in favour of maintaining the 4.5 per cent rate – with one vote for another 0.25 percentage points cut.
