As priced in by markets

Decline in GDP due to a fall in production output as forecast predicts 'tough year ahead'

Unexpected growth in Q4 comes after zero growth in Q3

This was the first MPC meeting of the year

Down from 2.6% in November

Revised ONS figures

Bank's MPC voted in favour of reducing current interest rate by 25bps in decision expected by markets

MPC meeting on interest rates to take place on 19 December

Chancellor will give accompanying statement to parliament on 26 March 2025

After no growth in June and July