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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

Bank ‘should cut UK interest rates to at least 4% in May amid tariff turmoil’

Charlie Bean United Kingdom Interest Rates Donald Trump United States David Blanchflower The Bank of England
Bank of England in Threadneedle Street, London
Markets have priced in a 0.25 percentage point cut to 4.25% in May and two more of the same size this year, reducing UK interest rates to 3.75%. Photograph: Amer Ghazzal/Shutterstock

The Bank of England should use its meeting next month to cut interest rates by at least half a percentage point to 4% in response to the financial turmoil created by Donald Trump’s trade tariffs, the former deputy governor Charlie Bean has said.

He believes an aggressive strategy is needed to combat the fallout from Trump’s tariff war, which has knocked trillions of pounds off global stock markets, undermining business and consumer confidence.

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