The Bank of England has, unsurprisingly, held interest rates at 5.25 per cent for the seventh time in a row. Markets downgraded their expectations for a June rate cut some time ago. Once Rishi Sunak called a general election in late May, the prospect of an early summer rate cut became even more unrealistic.

The Monetary Policy Committee notes in its minutes that ‘the timing of the general election on 4 July was not relevant to its decision at this meeting’.