On the revision, Barclays cites the BOE’s more cautious tone that emphasised uncertainty and gradual policy moves.

“The main messaging from the press conference was repeated emphasis on the extent of uncertainty at the current juncture: uncertainty around the impact of the fiscal package; uncertainty on the current state of the labour market.”

Adding that the emphasis on “gradualism” means the central bank is to keep the bank rate unchanged in December. That as the uncertainty surrounding all of the issues above are not likely to go away any time soon.

Looking to next year though, Barclays sees the BOE cutting by 25 bps in February, May, June, August, and September, taking the terminal rate to 3.50%.