By James Sillars, business reporterAnyone who can tell you with certainty what the Bank of England will do today is, frankly, a mug.The prospect of a first interest rate cut is hanging in the balance.It has been dangled seductively by the Bank throughout this year, only to be withdrawn month after month as elements of inflation remain too high for the liking of a majority on the rate-setting committee.
It all leaves borrowers such as mortgage holders, especially those facing the prospect of securing a new deal, sweating on how the Bank's monetary policy committee sees the outlook.Some of the members could, for example, choose to look past the temporary effects within services inflation and swell the ranks of the two members to have previously backed a cut.A poll of economists by the Reuters news agency found a small majority backing a cut to 5% from 5.25%.