>> The Bank of England could be about to cut rates to a record low after seven years on hold. Recent data pointing to a probable recession following June's shock vote for Brexit. Action to soften the blow now seen all but certain at Thursday's meeting on the bank's monetary policy committee.
Outside the bank of England, I'm Reuters reporter Julian Satterthwaite. The vast majority of analysts predict a cut on Thursday, the consensus is the rates will come down by a quarter of a percentage point, to just 0.25%. The idea is that that will reduce borrowing costs, and generally give the economy a lift.
Many expected a rate cut at last month's meeting, only to see the bank hold fire. But evidence of a downturn has mounted since then. Closely watched Purchasing Managers' Index measures sentiment at big firms. July figures showed a slumping outlook across services, manufacturing, and construction. Bank Governor Mark Carney has already said that could trigger action.
>> If the outlook has worsened, to use that term, in the judgment of the MPC there always could be monetary response.>> On Wednesday, one think tank said the economy would shrink in the third quarter, with an even chance of recession next year. That may prompt the bank to do more than just cut rates.
Economists watching to see if it also restarts quantitative easing. That means buying government debt as a way of pumping cash into financial markets. But many wonder whether any of this will have much impact. QE has been tried before and interest rates are already close to zero. The Bank of England may have few cards left to play.