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Markets

Bank of England poised to cut rates

Opening sequence

Opening sequence

Markets

Bank of England poised to cut rates

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16:41
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COMING UP:Bank of England poised to cut rates

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Transcript

00:00:00
>> We wouldn't represent this as single silver bullet.>> Poised to cut interest rates for the first time in more than seven years. The Bank of England expected to make the move on Thursday in a bid to cushion the economy from a Brexit battering. Governor Mark Cooney sending a clear signal two weeks ago that stimulus is on the way.
00:00:19
>> Good afternoon everyone, the economic outlook has deteriorated. And some monetary policy easing will likely be required over the summer.>> Cooney has warned that the financial risks of Brexit are materializing. Sterling again sliding towards three decade lows, while investors have been locked out of major commercial property funds.
00:00:41
Data released early Thursday also showing a slump in sentiment in Britain's housing market. New buyer inquiries falling at their fastest pace since the global financial crisis. In a bid to stable recession, the Bank of England is expected to halve its benchmark interest rate to a new record low of 0.25%.
00:01:00
A Reuters poll of economists also expect it to restart its massive bond buying program in the coming weeks.