Deutsche Bank Research expects the Bank of England to cut interest rates four more times in 2025, bringing them down to 3.50 per cent. However, Sanjay Raja, an economist at Deutsche Bank, said in a note that interest rates should remain unchanged at 4.50 per cent at the Bank's next decision on March 20. "In our view, a'gradual and cautious' approach is not conducive to consecutive rate cuts - especially if the headline CPI rises," Raja said. The market expects a 92 per cent chance that the Bank of England will leave rates unchanged in March and that the Bank will cut rates twice more in 2025, according to LSEG data.