Policymakers signal gradual cuts ahead as inflation risks linger
The latest data piles pressure on the Treasury chief ahead of a key economic statement
March rate cut looks unlikely as inflation rose to January 3% from 2.5% the previous month
Two of the nine-member panel voted for an even bigger cut
Inflation eased to 2.5% in December, down from 2.6% the previous month
As many as three members voted for a 25 bps cut to the rate, now at 4.75%
Bank of England expected to keep key interest rate steady at 4.75% when it meets on Thursday
Expectations for further rate cuts this year disappear in face of higher energy bills
Latest cut comes after inflation fell to an annual rate of 1.7% — U.K.'s lowest level since April 2021
Seeing no signs of recession, bank’s rate-setting council lowers benchmark rate from 3.5% to 3.25% — its third reduction since June
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