On November 1st, Henry Cook of Mitsubishi UFJ said that the Bank of England will cut interest rates by 25 basis points to 4.75% on November 7th. However, after Wednesday's budget commitment to increase public investment, a subsequent rate cut in December looks unlikely. Some members of the Bank of England's monetary policy committee may be concerned that additional government spending could push up inflation. Data show that the market expects the Bank of England to cut interest rates by a total of 30 basis points by the end of December.