Call for three cuts to interest rates

A BANK of England policymaker has said interest rates should be cut three more times in 2025 as he cautioned the inflation outlook was at greater risk of being pushed “off track” amid global trade woes.

- Alan Taylor

Alan Taylor, an external member of the Bank’s Monetary Policy Committee (MPC), said in a speech at the European Central Bank Forum (ECB) in Portugal that rates needed to come down at a faster pace, given the “deteriorating outlook”.

Mr Taylor was out-voted in calling for a quarter point cut in June, with the majority of the MPC deciding to keep rates on hold at 4.25%.