Dire UK Data Ramp Up Pressure on BOE to Keep Cutting Rates

The Bank of England is facing pressure to push ahead with more interest rate cuts after a week of woeful data showed the UK economy and labor market buckling under the weight of tax increases and US President Donald Trump’s trade war.

Policymakers meet this week in the wake of a series of figures suggesting that inflationary pressures are in retreat. Market bets show the odds of a summer rate cut doubling this month, with two reductions by the end of the year now almost fully priced.