The Bank of England's interest rate cut on Thursday will bring a sigh of relief for borrowers, businesses and hard-pressed consumers across the country.

The Bank of England cut interest rates on Thursday to tackle the expected hit from U.S. President Donald Trump's tariffs but a surprise three-way split among policymakers cooled expectations that it might speed up future moves.

The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.