The Bank says the UK economy will grow by 0.75% in 2025, down from a previous forecast of 1.5%, while inflation is expected to rise.

Experts had predicted the Bank of England would cut the UK’s base interest rate, which currently sits at 4.75 per cent, to 4.5 per cent

The better than expected performance will contribute to a growing rift between hawks and doves on the Bank of England’s Monetary Policy Committee The UK economy eked out some growth in the final quarter of last year largely helped by a surge in activity in December,