BOE prepares to cut rates into uncharted territory - Reuters poll

The latest Reuters poll conducted ahead of the BOE monetary policy decision due out this Thursday, revealed that most economists polled by Reuters expect the BOE to cut interest rates by at least a quarter percentage point to 0.25%, and almost half say it will restart its quantitative easing bond purchase program, on hold since late 2012. 

More likely is for the BOE to extend its Funding for Lending Scheme, which offers banks cheap finance in return for higher lending to the private sector and was in the process of being phased out as the economy recovered.

BOE Governor Mark Carney will present the policy decision in a news conference, but is unlikely to have the full support of the MPC. The central bank will also release a quarterly update to its growth and inflation forecasts.