Alan Taylor, a member of the Bank of England's Monetary Policy Committee, voiced concerns regarding the UK's economic outlook and hinted at potential interest rate cuts due to rising risks from global developments, including the impact of Donald Trump's tariffs. Despite a rise in the Consumer Price Index inflation from 2.6% in March to 3.5% in April, he believes a lower monetary policy path may be necessary.
I'm not going to pre-emptively announce my vote, but I think I indicated in my dissent that I thought we needed to be on a lower (monetary) policy path.
I'm seeing more risk piling up on the downside scenario because of global developments.
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