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The Bank of England takes another step closer to cutting rates

• BoE leaves policy rate on hold for 7th consecutive meeting at 5.25%.
• The updated communication revealed that more MPC members are moving closer to voting in favour of a rate cut.
• We are sticking to our forecast for the BoE to begin cutting rates in August.
• The pound has weakened modestly but we do not expect a significant reversal of pound outperformance so far this year.