The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday, even though inflation remains above its target. Most economists think the nine-member Monetary Policy Committee will lower the bank's main interest rate by a quarter of a percentage point to 4.

The Bank of England cut interest rates by a quarter-point and some policymakers wanted a bigger move to offset a slowdown, but the BoE said it would be careful about further moves in the face of an expected inflation spike and global economic uncertainty.