Poll: UK to cut rates today to avoid Brexit slump

Britain’s vote to leave the EU means the Bank of England will take borrowing costs to a new low as it makes a pre-emptive strike to try to ward off a recession and to reassure markets, a Reuters poll found.

Only last week, the median in a Reuters poll predicted the Monetary Policy Committee would hold its bank rate at 0.5% at today’s meeting but the latest survey points to a 25 basis point cut.

Earlier this week, bank governor Mark Carney gave another hint more stimulus was on the way, saying a hit to Britain’s economy from last month’s referendum could prompt the bank to act.