A second successive cut in interest rates was widely expected, following October's 50 base points cut to 4.5%. As we noted in our recent overview of the UK economic outlook (subscription required), the fragility of the UK economy now appears to outweigh even the MPC's concerns regarding its inflationary remit.

Indeed, latest data suggest that inflation may not yet have peaked, even though it is forecast to do so in the near future (subscription required for each).

• Has your organisation recently carried out an annual pay review? If so, and if it has now been settled, please get in touch so that we can add your organisation's pay award to the IRS database.