The Bank of England has held rates at a 16-year high of 5.25 per cent since August last year but a majority of economists think it will begin its cutting cycle at its monetary policy meeting on Thursday.
More than 80 per cent of economists polled by Reuters over the past week predict the bank will deliver a quarter point cut next week. But traders in swaps markets are less convinced, pricing an even split on the chances of the central bank lowering interest rates or not.
Markets have shied away from bets on an August rate cut in recent weeks after a surprisingly robust UK economy and stronger than expected services inflation have weakened the case for the central bank to lower borrowing costs.
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