Well, I think they’re just a bit late to update their call as market expectations for the BOE have been quite settled for a while now. As things stand, traders are not seeing any more rate cuts for this year but are pricing in a strong probability of the next one being in February 2026. As for the first full rate cut priced in though, that will be for March next year.

Besides inflation risks, the November budget is going to be a key factor to watch in taking stock of the fiscal side of things for the UK economy.