The Bank of England policymakers downplayed inflation risks while calling for interest rate cuts.

On May 30, Bank of England member Taylor downplayed stronger-than-expected inflation and growth data in an interview, and in the face of increasing pressure on the British economy, he once again called for interest rate cuts. Taylor told the Financial Times that the current surge in inflation is driven by one-off factors. He stressed that the uncertainty caused by US President Donald Trump's trade war has weighed on economic growth. Taylor added that while there have been some "welcome" developments on the trade front, including the UK's reopening deal with the EU, they have only affected a small portion of UK trade. Asked if he would support a rate cut at his next meeting in June, Taylor said: "I'm not going to preemptively announce my vote, but I think I'm making it clear in my opposition that I think we need to go down a more accommodative (monetary) policy path." Taylor had voted for a 50 basis point rate cut this month. "I think there is a growing risk to the downside outlook due to the development of the global situation," he said. He added that the impact of Trump's tariffs on imports would "build up for the rest of the year, leading to trade shifts and dragging down economic growth."