Bank of England governor talks up interest rate cut prospects as inflation eases to 3.2%

The governor of the Bank of England has signalled the UK is still on course for an interest rate cut as official figures show a further easing in the pace of price growth in the economy. Andrew Bailey was speaking hours before the Office for National Statistics revealed that the consumer prices index measure of inflation slowed to 3.2% in the 12 months to March - the weakest level for two-and-a-half years. That was down from the 3.

data shows a majority of financial market participants now expect a first rate cut in August or even September. The worries include the threat posed by rising oil costs as the conflicts in the Middle East continue to evolve and the fact that UK wage growth is now running at levels almost double the inflation rate. Another is emerging from the United States.

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