UK construction activity shrinks by most in five years; Trump imposes extra 25% tariff on India – as it happened
by Graeme Wearden from on (#6Z4T1)
Britain's building sector records biggest drop in activity since early in Covid-19 pandemic
The contraction in UK construction last month is another reason for the Bank of England to consider cutting interest rates at noon tomorrow.
A rate cut, from 4.25% to 4%, is already widely expected - it' s a 95% chance, according to the City money markets this morning.
The Bank of England is widely expected to cut rates this week in what is likely to be a complex decision as the MPC weighs weak growth, sticky inflation, and a looming fiscal tightening.
While markets are pricing in a 0.25% cut, attention will centre on the voting split - particularly how many members vote for a 0.5% move or prefer to hold.
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