The Bank points to the 24% drop in UK car exports to the US in May. That should now reverse. The notable economic factor has been the very high rate of savings in the economy, remaining at pandemic double digit levels as a proportion of the economy.

The Bank of England has cut its main interest rate by a quarter percentage point to 4%, as policy makers seek to bolster the sluggish U.K. economy.

That was the dilemma for the Bank of England when four members voted for no change to interest rates, four voted for a quarter-point cut, and one voted for a half-point reduction. Related: Bank of England on course for slowest ever pace of rate cuts. But without the abuse.