The base rate fell to 4.5 on Thursday, but the Bank halved the UK’s economic growth forecast for this year while predicting surging inflation.

It warned it was facing around an extra £10 million in wage costs in its next financial year from the Budget measures.

The PA news agency looks at the outcome of the Bank of England’s decision, and whether rates will fall again soon.

The Prime Minister said that ‘we do need to transition to clean power’ while on a visit to the UK National Nuclear Laboratory.