The Bank of England is on course to cut interest rates this summer if inflation falls as expected, its deputy governor has said. Ben Broadbent suggested that borrowing costs could come down from their current 12-year highs within months as inflation comes under control. In a speech ahead of what will be his final vote on interest rates before he stands down from the Bank, Mr Broadbent said: “If things continue to evolve with [Bank] forecasts – forecasts that suggest policy will have to become less restrictive at some point – then it’s possible Bank Rate could be cut some time over the summer.” Data released on Wednesday is expected to show inflation of 2.1pc in the year to April, close to the Bank’s 2pc target, with some economists predicting an even lower figure. Rates have been on hold at 5.25pc since August of last year, but financial markets anticipate a cut to 5pc in June or August with another to follow in the autumn. Mr Broadbent is the longest-serving member of the Monetary Policy Committee (MPC). Since he joined the panel of rate setters in 2011, he has never been out-voted in his interest rate or quantitative easing decisions, so his...