UK interest rates are already at a record low 0.50% but they will sink to 0.25% at the next meeting according to UK interest rate futures.

Analysts also expect the BoE to Slash Growth Targets by Biggest Margin on Record.

Investors believe an interest rate cut is certain, with most analysts expecting rates to be trimmed to 0.25pc, from the current record low of 0.5pc.

Economists believe growth in 2017 will be slashed to less than 1pc, from 2.3pc in May.

A reduction of this magnitude would be the biggest cut to the Bank's growth projections between consecutive Inflation Report forecasts since it became independent in 1997, surpassing the 0.9 percentage point downgrade in November 2008, after Lehman Brothers collapsed, according to HSBC.