While still comfortably above the level of 50 that denotes expansion, this sharp decline reinforces our view that the European Central Bank will be in no rush whatsoever to raise interest rates until well into 2019.
One of Gordon Brown's first moves as chancellor in 1997 was to hand control of interest rates to an independent Bank of England.
Investors had their hopes of an interest rate rise in May stoked this afternoon, as one Bank of England policymaker indicated he would back a hike at the monetary policy committee's next meeting.
The BoE's Monetary Policy Committee voted 7-2 to keep rates at 0.5 percent but said "ongoing tightening" was likely to be needed to return inflation, which stood at 2.7 percent in February, back to its 2 percent target.
Ian McCafferty and Michael Saunders - who were the first to call for a rate rise previous year - are seen as outside candidates to vote for a rate rise this month.
The bank's announcement was largely in line with market forecasts, although most BoE watchers expected a unanimous decision from the MPC to leave policy alone. "All members agreed that any future increases in bank rate were likely to be at a gradual pace and to a limited extent".
This could discourage the BoE from continuing to pursue a course of tighter monetary policy, given the significant impact that Brexit-based uncertainty could still have on the strength of the domestic economy.
Some economists think data earlier this week showing a bigger-than-expected drop in inflation to 2.7 percent suggests the BoE is too gloomy, and will remove the need for the BoE to raise rates a couple of times this year.
The UK's unemployment rate has meanwhile dipped, reverting to the lowest level since 1975, after a brief rise.
Ian McCafferty and Michael Saunders argued that a "modest tightening. could mitigate the risks from a more sustained period of above-target inflation that might necessitate a more abrupt change in policy and hence a greater adjustment in growth and employment". But a pick-up in wage growth points to an erosion of slack in the labour market.
Britain's vote in June 2016 stoked inflation as the ensuing drop in the value of the pound raised the price of imported goods.
The Bank of England has set up a new Fintech Hub to consider how the Bank understands and applies technology in financial services.
In February, Mark Carney, governor of the Bank of England, shocked markets when he announced that interest rates may need to be increased sooner and by more than was initially anticipated. South African Rand to Pound Exchange Rate Stays Flat on Mixed Retail Sales DataThe Rand to Pound exchange rate (ZAR/GBP) has been close on 22nd March, following the news that South African retail sales levels have improved on the month in January but slowed annually. Sterling traded up 0.3 per cent at $1.4185 at 12:05pm London time.
The first deal brokered by Russian Federation was reached with the hardline Islamist group Ahrar al-Sham for the town of Harasta . Since Feb. 19, almost 1,000 people have been killed in Eastern Ghouta .
The March update is also going to introduce plenty of balance changes for most weapon types as well as new features. Finally, starting on 13th April, the pixelated Mega Man armour set for your Palico will be available.
Islamabad United have reclaimed PSL title as they beat Peshawar Zalmi in the final played at National Stadium, Karachi . We're all a lil' PSL insane , and now that the final is taking place in Karachi today, excitement is at its peak.
Wednesday's tweet seemed like an acknowledgment from Trump that he wasn't going to get everything he wanted all at once. The White House also issued a formal statement of administration policy indicating Trump would sign the bill.
Eighteen-year-old Sabrine Brismeur and 17-year-old Eden Kinlock came from schools 20 miles away to pass out water. At the same time, the poll found that almost half of Americans do not expect elected officials to take action.
Human Rights Watch criticized Ahed Tamimi's pretrial detention, calling it "both a violation of global law and unnecessary". Most minors are held in jail, ramping up pressure on them to agree to a plea deal, Stein said.
Liverpool Football Club remain adamant today that Mohamed Salah will not be sold to Real Madrid or anyone else in the summer. Yet German journalist Raphael Honigstein has claimed Salah was not Klopp's top Liverpool target back in the summer.
Overall figures for iPhone sales haven't been impressive and analysts point out the increasing prices to be a critical factor. However, it might be possible that these might not hit until later this year if they are at all launched in 2018.
I urge Sehrai that, since he is in command, he appeal to his son and other local boys wielding guns to return. That makes him the first among the family members of the current top separatist leadership to take up arms.
Mrs Merkel set out her mission to overcome polarisation in Germany in a speech in the Bundestag to mark the start of the new government.
Rahul Gandhi to tour Vokkaliga heartland
Responding to Rahul Gandhi's allegations, Union Minister K J Alphons said "I filled up to 10 pages for a USA visa form". The saffron party claimed that the NaMo app could be used with giving any permission or data.
Saudi Arabia great friend of US', Trump tells Salman
The United States embrace that with open arms as military equipment sale to Saudi Arabia will create 40,000 American jobs . Trump and the crown prince underscored the strength of US-Saudi ties which suffered under the Obama administration.
Bomb blast kills 1 in Egypt's Alexandria
Alexandria's director of security was traveling in a convoy through the city when the bomb exploded, the Interior Ministry said. The security chief, escorted by guards, appeared on Egyptian television visiting the scene shortly after the attack.
Stokes may bowl against Kiwis
Ali's 50th Test will come in the day-night Test at Eden Park starting on Thursday and is a milestone he never thought he'd reach. Moeen added: "I hope Ben can bowl because the balance of the team is pretty much sorted when he's in".
U.S. tariffs may add 19000 steel and aluminum jobs, study says
The government has asserted that China steals USA technology by forcing companies to hand it over in order to do business there. He has also attacked Germany, saying that it hides behind tariffs to win an export advantage for its vehicle industry.
Chargers staff attends USC QB Sam Darnold's pro day
But if Darnold was on top of their board before Wednesday, nothing that happened at the pro day workout should change that. Unlike Rosen, Mayfield, and Allen, Darnold did not throw at the NFL Scouting Combine. "I thought I did a pretty good job".