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

CPIH at 3.4% in March, with inflation down from previous month's 2.8%

UK economic outlook still 'downbeat'

As priced in by markets

Decline in GDP due to a fall in production output as forecast predicts 'tough year ahead'

Unexpected growth in Q4 comes after zero growth in Q3

This was the first MPC meeting of the year

Down from 2.6% in November

Revised ONS figures

Bank's MPC voted in favour of reducing current interest rate by 25bps in decision expected by markets