TEXT-Bank of England's Monetary Policy Summary

allowed the MPC to withdraw gradually some degree of policy restraint, while

maintaining Bank Rate in restrictive territory so as to continue to squeeze out

persistent inflationary pressures.

Since the MPC's previous meeting, global trade policy uncertainty has

intensified, and the United States has made a range of tariff announcements, to

which some governments have responded. Other geopolitical uncertainties have

also increased and indicators of financial market volatility have risen

globally. The German government has announced plans for significant reform to

its fiscal rules.

While UK GDP growth estimates have been slightly stronger than expected at the

time of the February Monetary Policy Report, business survey indicators

generally continue to suggest weakness in growth and particularly in employment

intentions. In recent quarters, subdued activity has been judged to reflect

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