Bank of England keeps UK interest rates at 5.25%

Britain's economy is"moving in the right direction" for the Bank of England to start cutting interest rates, Governor Andrew Bailey said as two of his colleagues dropped their vote a rate hike.

Governor Andrew Bailey said there had been"further encouraging signs that inflation is coming down" but he also said the Bank of England needed more certainty that price pressures in the economy were fully under control. The Bank of England said in February it was putting its high borrowing costs"under review" - a phrase it kept today - but top officials have stressed they want to see more clear signs that inflation has been beaten.

The Bank of England said it now expected inflation would drop below its 2% target in the second quarter due to the impact of finance minister Jeremy Hunt's decision this month to freeze fuel duty once again.

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