Two members preferred to reduce Bank Rate by 0.25 percentage points, to 5 per cent, compared to just one member last meeting.
The Bank raised the base rate 14 times between 2021 and last summer in an attempt to get inflation down to its 2 per cent target, but has held it steady in recent times as Edward Jones, economics professor at the University of Bangor, added he thought the first cut would be August.
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