The financial markets expect three cuts of 0.25 percentage points this year, with the first in June. The Bank said its survey of financial companies found that they expected rates to fall to 4.5% before the end of 2024.
Inflation has decreased sharply in recent months, with the consumer prices index falling to 3.4% in February. That was still above the Bank's 2% target but well below a peak of 11.1% in October 2022.
Eight members of the Bank's monetary policy committee (MPC) voted to hold interest rates, while the ninth, Swati Dhingra, backed a cut of 0.25 percentage points. It was the first time since September 2021 that no one on the MPC voted for a rate rise.
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