The Bank of England cut interest rates on Thursday as it halved its growth outlook for this year and two officials voted unexpectedly for a bigger reduction in borrowing costs.

The Bank's forecasts seem to indicate that there will be at least two further rate cuts in the coming years and that that will be enough to bring inflation down towards its 2% target. However, investors are betting on more cuts.

The central bank cut rates for the third time in about six months as it said growth had been weaker than expected.

The Bank of England cut interest rates on Thursday as it halved its growth outlook for this year and said a jump in inflation will prove temporary, while two officials unexpectedly voted for an outsized rate cut.

The Bank of England cut its key interest rate Thursday, a response to a troubling mix of stuttering economic growth, stubborn inflation and President Trump’s tariff threats.