The Bank of England cut interest rates on Thursday to tackle the expected hit from U.S. President Donald Trump's tariffs but a surprise three-way split among policymakers cooled expectations that it might speed up future moves.

The Bank of England's interest rate cut is likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.

The Bank of England's decision to reduce interest rates is set to encourage major banks to cut mortgage rates, analysts have predicted.