The Bank of England cut interest rates on Thursday to tackle the expected hit from U.S. President Donald Trump's tariffs but a surprise three-way split among policymakers cooled expectations that it might speed up future moves.

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's interest rate cut on Thursday will bring a sigh of relief for borrowers, businesses and hard-pressed consumers across the country.