The Bank of England has warned economic and global trade uncertainty has “intensified” as it held UK interest rates at 4.5%.
US trade tariffs and retaliation to the import taxes from the likes of the EU have created uncertainty for countries, the Bank said.
Its decision to hold rates was widely expected, but governor Andrew Bailey said the Bank still believed rates were “on a gradually declining path”.
Analysts are predicting two more rate cuts by the end of the year, with many suggesting the next could come in May.