In the wake of new tariffs announced at the start of last month by US President, Donald Trump, and the widespread market turmoil they generated, the Bank of England’s Monetary Policy Committee (MPC) today voted in favour of lowering the UK base rate to 4.25%.
This outcome was as many anticipated; while latest figures from the Office for National Statistics (ONS) revealed GDP increased by 0.5% in February, there are concerns the new tariffs could discourage spending and stall economic growth.