Bank to cut by 100 basis points?

The Bank of England will likely cut rates by a full percentage point on Thursday, some leading City of London economists believe.

A percentage-point cut would be the steepest since January 1993 and would leave rates at 3.5%. The Monetary Policy Committee (MPC), formed in 1997, has never cut by more than 50 basis points.

George Buckley, the chief UK economist at Deutsche Bank, said that a fall in Purchasing Managers' Index (PMI) data, an indicator of future demand for goods, to "levels not see