MNI BOE Review - August 2024: Finely balanced delivery

• In line with our own and most analysts' base cases, the BOE delivered the first 25bp cut of the cycle through a 5-4 vote in which some members voting for a cut described their decision as "finely balanced."
• We look in detail at the rationale for the cut, updated forward guidance and the new projections (both short-term and over 2-3 years).
• We also look at the potential for a (temporary) 8 member MPC and the voting outlook for the September / November meetings.

For the full PDF including summaries of over 25 sellside views click here:

MNI BoE Review - Aug24.pdf