BoE

Bank of England cut unlikely

Core CPI also up to 3.8%

Lowest level in two and a half years

Andrew Bailey has said he does not support mandation, with the industry suggesting this will be ‘unwelcome’ at the DWP

The next MPC meeting is in August

CPI stood at 3.4% in May, down 0.1 percentage points from April’s figures

Markets had been forecasting a 25bps cut this month given April's NIC rise

As priced in by markets

This was the first MPC meeting of the year

Facility will only be activated during episodes of ‘severe gilt market dysfunction’