The Bank of England cut interest rates on Thursday, although the uncertain impact of U.S. President Donald Trump's tariffs on economic growth brought a surprise three-way split among policymakers.

I’m about to head into this magnificent building behind me where, along with other journalists, I’ll be told what the latest decision is on UK interest rates. The strong expectation is that there’ll be a cut from 4.5% to 4.25%, which will be welcome news to people borrowing money.

The Bank of England cut its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.