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The Bank of England cut interest rates by a quarter point to 4.25% as Donald Trump’s global trade war weighs on UK growth, in a decision that split senior officials into three groups and was made before the US President hinted at an imminent deal to lower tariffs on British exports.

The Bank of England is expected to cut its key interest rate on Thursday, likely join a number of central banks responding to the prospect of weaker growth by cutting borrowing costs.