According to the CBI, the time is ripe for a rate cut.

This is what the CBI chief economic adviser Ian McCafferty has to say about the matter: “This is the right time for a further quarter point cut in interest rates. Although there are inflationary pressures in the short term, there are clear signs that the economy is beginning to slow.

“A modest cut now would help ensure a soft economic landing, without undermining the bank’s credibility on inflation."

The Monetary Policy Committee will announce its decision tomorrow.

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