Bank of England in no hurry on interest rates – but cuts will come

The Bank of England said it remained wary of making optimistic predictions. Photograph: Andy Rain/EPA

Bank of England policymakers might be on a “go-slow” as they look forward to interest rate cuts this year, but the direction of travel is almost certain.

After a meeting on Thursday when interest rates were kept on hold at 4.5%, City investors bet there would be more reductions in the cost of borrowing this year, most likely two cuts reducing the rate to 4%.