Bank of England
The Bank of England cut its benchmark rate by 25 basis points on Thursday morning from 5.00 per cent per annum to 4.75 per cent per annum, but stressed that future rate reductions will be gradual.
Andrew Bailey, head of the Bank of England, said the recent budget numbers released by UK finance minister, Rachel Reeves could lead to higher inflation in conjunction US President Elect Donald Trump's economic policies, which will be driven by inflationary tariffs.
The anticipated spike in the US budget deficit if he reduces the corporate tax rates will also help to drive inflation.
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