Employers are cutting jobs and raising prices to offset tax increases, with wages still growing too fast for policymakers’ comfort

Bosses in the private sector expect a "significant fall" in activity over the next three months, according to a survey by the Confederation of British Industry (CBI).

The Bank of England must contend with a slowdown in Britain's economy but also stubborn inflation pressures when it considers whether to cut interest rates in early February as well as its message about the outlook for the rest of the year.

Alan Taylor, the most recently appointed member of the Bank's monetary policy committee (MPC) said the UK is 'in the last half mile on inflation' and called for a pre-emptive cut

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The Bank of England will cut interest rates four times this year to support a flat-lining economy, economists polled by Reuters said, but they added that risks to inflation are to the upside, suggesting policymakers may end up doing less.

A weaker UK economy is expected to prompt the Bank of England to accelerate interest rate cuts; Goldman Sachs predicts up to six reductions by the end of next year. The investment bank’s analysts think that as inflationary pressures continue and economic growth slows,

Latest figures show that UK inflation dropped last month, potentially affecting the Bank of England's interest rate decision next month. The Consumer Prices Index (CPI) rate fell from 2.6 per cent in November to 2.

Markets are greatly underestimating the likelihood that the Bank of England will need to speed up the pace of interest rate cuts, Goldman Sachs has argued. They forecast that UK interest rates could drop to 3.