Markets are now pricing in an August cut to Bank Rate.

This is the first time the Bank has fined a financial market infrastructure firm. 

The current policy is still too restrictive, Taylor says.

Mortgage borrowing rose to £2.1 billion in May, up from -£0.8 billion in April.

The momentum seen in the days leading up to the decision didn’t carry through once the announcement was made.

Three members voted to reduce Bank Rate by 0.25%, to 4%.

Intermediaries overwhelmingly disagree with the Bank of England’s Huw Pill on the pace of cuts.

Analysts are now predicting an August rate cut at the earliest.

Gross lending decreased significantly to £16.9 billion in April.

Industry experts predict that rising inflation could curb future Bank Rate cuts this year.