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

The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday even though inflation remains above its target.

Bank of England policymaker Catherine Mann said on Tuesday that her unexpected vote for a half percentage-point cut in interest rates last week did not mean she wanted a series of rate cuts or that she would vote the same way again in March.

The Bank of England made its first interest rate cut of 2025 on Thursday amid ongoing concerns over sluggish growth in the British economy.

Bank of England Chief Economist Huw Pill pushed back against colleagues voting for a large interest rate cut, arguing that they are “rushing” to change policy too quickly.

Mann was one of two members of the BoE's Monetary Policy Committee who last week voted for a half-point cut in interest rates to 4.25%, against the majority who favoured a quarter-point cut to 4.25%.

LONDON (Reuters) - The Bank of England cut interest rates by a quarter of a percentage point on Thursday, judging a sharp upward revision to its inflation forecasts for this year will prove temporary.