The Bank of England halved its growth projection for the British economy this year as it cut its main interest rate Thursday for the third time in six months. In a statement, the bank's nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.

The base rate is currently at 4.75% after it was held at the previous Bank of England meeting in December 2024 - but is another cut in store for this Thursday?

Sterling fell against the dollar on Thursday, on track for its biggest daily drop in about a month, as investors awaited the outcome of the Bank of England's meeting, at which the central bank is widely expected to cut interest rates.