The central bank said that future cuts would be gradual amid higher inflation forecasts after the new government introduced spending and tax increases in its budget.

BoE says the higher bus fare cap and adding VAT to private school fees will push up UK inflation.   20:04 Q: Did you learn anything about what the Americans think about the economy from the election result?

During the coronavirus pandemic, which erupted in early 2020, interest rates around the world fell to zero, or just above zero in the case of the Bank of England. Central banks worldwide dramatically increased borrowing costs from near zero during the ...