The Bank of England is expected to hold interest rates at their current level of 4 per cent when its Monetary Policy Committee (MPC) meets later this week.

Economists say there is virtually no chance of a cut on Thursday with some believing there won’t be another one until next year.

The Bank decided to cut rates by 0.25 percentage points in August but it was a close call with a second vote needed to make a majority decision – the first time that has happened in the MPC’s history.

Despite this, it is expected to hold this week as inflation remains high – at 3.8 per cent in July, with the August figure coming later this week.

Deutsche Bank’s latest note on the potential rate path said its economists had moved expectations of the next cut from November to December.

It based that on m

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