A large majority of 59 economists polled by Reuters expect the Bank of England (BoE) to cut the policy by 25 basis points (bps) in the third quarter and the fourth quarter, bringing down the bank rate to 3.75% from 4.25%, where it currently stands.
Median expectations of polled economics point to a growth of 1% in 2025 and 1.2% in 2026.
Market reaction
GBP/USD rebounds from the weekly low it touched near 1.3450 earlier in the day. At the time of press, the pair was trading at 1.3520, losing about 0.2% on a daily basis.
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