The chance of another Bank of England interest rate cut in 2025 is fading after new figures on the economy’s performance earlier this year defied expectations.

Financial traders have reduced their bets on a cut taking place at November’s Monetary Policy Committee (MPC) meeting, and economic experts say the prospect of the rate dropping to 3.75 per cent is getting slimmer.

The economy expanded by 0.3 per cent in the period from April to June, according to Office for National Statistics (ONS) figures and, although this was a slowdown compared with the first three months of the year, it beat forecasts of a 0.1 per cent expansion.

The Bank pays close attention to economic growth and is often more likely to cut rates if the economy is performing badly because this can sometimes push inflat

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