UK interest rate cut is ‘possible’ this summer, says Bank of England deputy

Ben Broadbent will only get one more chance to vote for an interest rate cut, at the June meeting of the Bank of England’s monetary policy committee. Photograph: Hannah McKay/Reuters

UK interest rates could be cut this summer, the Bank of England’s outgoing deputy governor said on Monday, adding to the expectation that a first reduction in borrowing costs could come as soon as next month.

Ben Broadbent, the Bank’s deputy governor for monetary policy, said that if the economy evolves as expected, borrowing costs could possibly be lowered “some time over the summer” in response to a steep fall in inflation.