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The Bank of England unexpectedly cut interest rates, despite inflation remaining high above its 2% target. This decision, closely debated by the Monetary Policy Committee, reflects a belief that the weakening jobs market will eventually curb inflationary pressures. However, the move is controversial, with two senior officials voting against the cut, and concerns remain about persistent food price inflation and the potential for further rate reductions.

Prepared by Christopher Adams and reviewed by editorial team.