Institutions predict that the Bank of England may cut interest rates by 25 basis points to 5% on August 1. Data since the bank's last meeting shows that the price pressure may be more stubborn than expected, so this decision faces risks. But the Bank of England has shown a willingness to tolerate unexpected inflation, especially when it is driven by categories with high volatility. Overall, we believe that six of the committee's nine members will vote in favor of a rate cut and the bank also hopes to avoid the impression that rates will drop rapidly. We expect the Bank of England to link further progress in inflation sustainability indicators with more loose policies, indicating that the bank has time to act again. Interest rates may be cut again in November, in rhythmic quarters, until 2025.