Sterling strengthened and the FTSE 100 index closed at its highest level in 11 months following comments by Bank of England monetary policy committee member Martin Weale that raised question marks about the need for an interest rate cut.
The central bank left rates unchanged at its meeting this month, but that had been interpreted as merely delaying a cut until the August meeting.
The BoE will need to consider the expected drop in demand and the likely rise in inflation in reaching a decision, Weale said. Inflation data are due for release today.
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