The markets are looking to the Bank of England’s latest decision on monetary policy, which is due to be announced at midday.
Whilst it is thought that interest rates will be kept the same, any changes to quantitative easing measures and economic forecasts could have an impact on the pound. Comments from Governor Andrew Bailey and other officials will also be monitored closely.
Also today, millions of people across the UK are heading to the polls to vote in local elections – the largest set of votes since the 2019 general election. Some results will be known tomorrow, however others, such as the outcome of the Scottish Parliament elections, will not be revealed until the weekend.
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