The Bank of England is expected to be cautious in cutting interest rates, possibly by just one more cut in November, followed by four cuts in 2025 and then in 2026, Bank of America analysts said in their report. "Both strong above-trend growth and lingering inflation risks point to a slow easing cycle," they said. Bank of America expects the UK economy to grow by 1.1% in 2024, up from a previous forecast of 0.8% growth. "Growth is likely to be supported by a pick-up in real incomes and a waning impact of rate hikes."