Bank of England leaves interest rates at 5.25% but signals future cuts

Bank's survey finds expectation of 4.5% base rate by end of 2024 amid encouraging signs' on inflation

Bank of England policymakers signalled at least three interest rates cuts this year after seeing encouraging signs" of falling inflation as they kept interest rates on hold at 5.25% for a fifth time.

The financial markets expect three cuts of 0.25 percentage points this year, forecasting the first to take place in June. The Bank said its survey of financial companies found that they expected rates to fall to 4.5% before the end of 2024.