Interest rates held by the Bank of England – but a cut is likely on the way

The Bank is likely to wait for official jobs market and inflation figures to be published in April and May before taking action. Photograph: Thomas Krych/Zuma Press Wire/Rex/Shutterstock

The Bank of England is inching closer towards the first interest rate cut since the Covid pandemic, but just not yet.

After several months of inflation falling more sharply than anticipated by many economists, the question for the Bank has been when, rather than if, it would begin taking action to lower borrowing costs.