UBS pushes back its BoE rate cut forecast to August from May

UBS Global Research said on Monday it now expects the Bank of England to begin easing interest rates, with a 25-basis-point (bps) cut, in August compared to its prior expectation of a cut in May.

UBS expects a total of 75 bps of cuts this year, down from its prior forecast of 100 bps, taking the policy rate to 2.75% by the year-end.