>> 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.
>> 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.
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%.
A Reuters poll of economists also expect it to restart its massive bond buying program in the coming weeks.