Andrew Bailey has said he does not support mandation, with the industry suggesting this will be ‘unwelcome’ at the DWP
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
This was the first MPC meeting of the year
Facility will only be activated during episodes of ‘severe gilt market dysfunction’
Bank's MPC voted in favour of reducing current interest rate by 25bps in decision expected by markets
'Continued progress' on disinflation
Up to two cuts expected before year-end