April rate cut more likely on back of BoE minutes

Market expectations of an April rate cut rose after the publication of the minutes of the Bank of England's latest Monetary Policy Committee meeting.

The minutes revealed that two of the committee's nine members backed a rate cut, with Sir John Gieve, the deputy governor responsible for financial stability, dissenting along with David Blanchflower, regarded as a leading dove by many observers . Analysts had expected only Blanchflower to call for a quarter-point cut.

The minutes also indicated

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