OCR

“The significant reduction in the OCR since August 2024 is expected to support a recovery in economic activity,” it added.

The committee voted 5 to 1 to reduce the OCR.

“The committee noted that a reduction in the OCR would help to underpin consumer and business confidence and lean against the risk that the economy recovers more slowly than needed to meet the inflation objective,” it added.

“The committee remains open to further reductions in the OCR as required for inflation to settle sustainably near the 2.0% target midpoint in the medium term,” it added.

Jill Duffy, chief executive of the exam board OCR, has said these pupils end up getting stuck in a years-long cycle of resits - and that we're now seeing a "resit crisis".