While it had been hoped the Bank would start to reduce rates in June, some economists predicted cuts could now not come until September – a blow for Mr Sunak who is relying on an improving economy to help boost his chances in the general election expected in October or November.He has invited backbench colleagues to meetings in Downing Street to lay out his proposed election campaign strategy – as former ally: “They need more than one thing at the moment. They need more than two things, frankly.
Edward Jones, a professor of economics at Bangor University, said: “I’d be very surprised if they do announce a cut this Thursday. I think the Bank will keep them high. He told MPs that the local results had been a disappointment but insisted that Labour was not on course for a Commons majority, arguing that the outcome of council and mayoral elections suggested voters were less anti-Tory than they appear in opinion polls.