The Monetary Policy Committee vote turned out to be much closer than anticipated, with a 5-4 result paving the way for future cuts

The Bank of England has kept borrowing costs unchanged but opened the door to cuts later this year.

Economists give their forecasts for when the next rate cut could take place in 2026.

BoE governor Andrew Bailey told CNBC that the U.K. is set to meet its inflation target ahead of schedule.

The Monetary Policy Committee vote turned out much closer than anticipated, with a 5-4 result paving the way for future cuts

The Monetary Policy Committee vote turned out to be much closer than anticipated, with a 5-4 result paving the way for future cuts