The Bank of England is poised to cut interest rates as it grapples with slowing economic growth and lingering inflation. Investors expect the BoE to cut its benchmark rate by 0.25 percentage points to 4 per cent when it announces the decision at midday in London.

Rates are now at their lowest since March 2023 even though inflation is well above target.

The Bank of England cut interest rates on Thursday but four of its nine policymakers - worried about high inflation - sought to keep borrowing costs on hold, suggesting the BoE's run of rate cuts might be nearing an end.