I’m about to head into this magnificent building behind me where, along with other journalists, I’ll be told what the latest decision is on UK interest rates. The strong expectation is that there’ll be a cut from 4.5% to 4.25%, which will be welcome news to people borrowing money.

President Donald Trump’s widespread tariffs have increased uncertainty about the outlook across the globe, and BOE officials say that’s more likely to bring inflation rates down rather than push them up.