UK inflation fell more than expected to 2.8 per cent in February, below economists’ forecasts and driven by a drop in clothing prices, while services inflation remained at 5 per cent. Despite the decrease, the Bank of England is expected to maintain a gradual approach to cutting interest rates, with the pound weakening and traders increasing bets on further rate cuts following the release of the data. Chancellor Rachel Reeves is set to announce over £10bn in spending cuts to address economic challenges in the upcoming Spring Statement.
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