The Bank of England's interest rate cut is likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.

The Bank of England cut rates, highlighting a growing gap in how global central banks and the Federal Reserve are approaching Trump’s tariffs.

The BoE expects the economy to grow this year by 1%, a bit more than February's forecast of 0.75%, thanks to a strong end to 2024 and robust official data at the start of 2025. It said that first-quarter growth bounce looked erratic, however, and estimated the underlying quarterly growth rate at just 0.1%.