Markets and economists widely expect the Bank of England to keep interest rates at a 16-year high of 5.25 per cent when the monetary policy committee meets on Thursday, but will be closely watching for any changes in its forward guidance.
Policymakers last month signalled the possibility of a rate cut as early as June, but investors now see little chance of that, after economic growth, wage expansion and services inflation all came in higher than expected.
Moreover, the general election on July 4, and a period of silence for policymakers before that, make a rate cut in June an unlikely choice.
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