City analysts overwhelmingly predict Bank of England interest rate cut

Rare agreement among forecasters gives 96% chance of today's MPC meeting cutting borrowing costs to 4.75%

The Bank of England policymakers are widely expected to cut borrowing costs for businesses and homeowners by reducing official interest rates from 5% to 4.75% when they meet later today.

Financial markets are overwhelmingly forecasting that the Bank's nine-strong monetary policy committee (MPC) will reduce rates for a second time when it announces its latest decision at noon.