Senior doctors in England to be balloted for strike action, says BMA

• Andrew Bailey says interest rate cuts are "off the table at the moment".
• The Bank of England remains concerned that higher energy prices could keep inflation elevated.
• Markets are now likely to expect borrowing costs to stay higher for longer.

Interest rate cuts in the UK appear to have moved further out of reach after Bank of England Governor Andrew Bailey signalled that policymakers are in no hurry to reduce borrowing costs.

Speaking at the European Central Bank's annual conference in Portugal, Bailey suggested that expectations of lower interest rates this year have faded as inflation risks continue to cloud the economic outlook. His remarks are the clearest indication yet that the Bank of England is likely to keep interest rates unchanged unless inflation shows more convincing signs of easing.