Key reason Bank of England pressured to cut interest rates before election

Dariusz Karpowicz, Director at Albion Financial Advice said: "I'm not convinced that the Bank of England will follow the ECB's decision to cut rates. There are far too many unknowns, and the upcoming General Election and mixed signals from the UK economy add to the uncertainty.

"While the ECB’s move to ease monetary policy is a positive sign for taming inflation, the Bank of England might take a more cautious approach given the current economic climate and political landscape.

"If the Bank of England does decide to cut rates, it could potentially benefit UK borrowers by making mortgages more affordable, sparking some much-needed activity in the property market."