Interest rates are widely expected to be cut on Thursday, with further falls predicted for later in the year. Analysts say a cut to 4.25% from 4.5% by the Bank of England is highly likely, although no change or a bigger reduction remain possibilities.

The Bank of England's interest rate cut is likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.

The Bank of England cut interest rates on Thursday to tackle the expected hit from U.S. President Donald Trump's tariffs but a surprise three-way split among policymakers cooled expectations that it might speed up future moves.