Bank of England leaves interest rates unchanged at 4.5%

Cautioning against assumptions that rates would be cut over its next few meetings, the committee said it still expected inflation pressures would continue to ease, but "there was no presumption that monetary policy was on a pre-set path over the next few meetings."

Since the committee’s February meeting, there has been a further increase in geopolitical and global trade policy uncertainty, and this elevated uncertainty is likely to persist, the bank noted.

“While UK GDP growth estimates have been slightly stronger than expected at the time of the February Monetary Policy Report, business survey indicators generally continue to suggest weakness in growth and particularly in employment intentions. In recent quarters, subdued activity has been judged to reflect both demand and supply factors,” the bank’s release said.

ALCHEMPro News Desk (DS)