Related topic: Inflation

Greene has hinted at future rate rises, arguing for a 'proactive approach' to growing inflation.

Savills has revised down its UK house price forecast as higher mortgage costs weigh on demand.

Bailey believes the Bank has already effectively tightened monetary policy by taking the prospect of future rate cuts off the table.

Despite the surprise ease in inflation, industry experts say the fall is unlikely to be sustained.

The IMF has upgraded GDP from 0.8% to 1% for 2026, but warns that domestic and international risks remain.

Monthly GDP grew by 0.3% in March, following growth of 0.4% in February, despite the outbreak of war in Iran.

One member voted to increase Bank Rate to 4%.

The rise reflects higher energy prices alongside wider economic uncertainty, although many industry experts expect the Bank of England to pause rather than hike rates.

The UK is projected to suffer the sharpest cut to economic growth forecasts.

Holding policy steady is preferable until the impact becomes clearer, Taylor says.