The Bank also forecast a significant slowing of the US economy hit by its own tariffs. The Bank also said the impact of the National Insurance was "fairly small to date". The Bank of England has cut interest rates from 4.5% to 4.25%. We'll bring you more on this shortly, including the breakdown of how the Bank's committee voted. Stay with us.

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.

The Bank of England has cut its central interest rate to 4.25%, marking its second reduction this year, amid mounting concerns over a potential global trade war and a deteriorating economic outlook. The Bank’s nine-member Monetary Policy Committee (MPC) agreed on a 0.25% reduction on the base rate from 4.5%, in a 5-4 vote split.