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The Bank of England cut its benchmark Bank Rate by 25bps to 4.5% in its February 2025 decision, as expected, to mark the third rate cut since the start of its cutting cycle in August of last year. All nine members of the Monetary Policy Committee voted for a rate cut, compared with bets of an 8-to-1 vote, while two members voted for a steeper 50bps cut, including known-hawk Catherine Mann. The Bank maintained its stance that monetary easing is expected to be gradual this year, as mounting growth concerns weigh against stubborn levels of underlying services inflation. Still, the Bank revised its growth forecasts for the current year downward as economic activity has already underperformed expectations from November, indicating a dovish shift in the risk balance between growth and higher prices in the near term.