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's interest rate cut is likely to bring relief to borrowers, businesses and hard-pressed consumers across the country.

The Bank of England on Thursday lowered its interest rates for the second time this year as the U.K. central bank responds to cooling inflation and signs of a slowing economy.