– Bank of England to decide on interest rates today
– Inflation down to 3.2% in March, nearing 2% target
– Wage growth at 6% year-on-year
– Money markets suggest 5% chance of rate cut, 95% likelihood rates remain on hold
– BoE to release economic forecasts at noon
– Possible interest rate cut in June or August
– Reasons for potential rate cut include recent interest rate rises and forecasted inflation
– Recent rise in mortgage rates impacting housing market
– Policymakers split over rate cut
– Decision could mark turning point for Bank of England and UK economy.