The Bank of England cut rates, highlighting a growing gap in how global central banks and the Federal Reserve are approaching Trump’s tariffs.

The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.

I’m about to head into this magnificent building behind me where, along with other journalists, I’ll be told what the latest decision is on UK interest rates. The strong expectation is that there’ll be a cut from 4.5% to 4.25%, which will be welcome news to people borrowing money.