Wells Fargo & Co stated that, given the comments from Bank of England Governor Bailey indicating that a gradual approach to interest rate cuts remains appropriate, our baseline expectation is that the bank will continue to cut rates by 25 basis points each quarter. This means that cuts are expected in February, May, August, and November of next year, with the last 25 basis point cut occurring in February 2026. However, we also acknowledge that the divergence in the voting results and the weak growth outlook increase the likelihood of the Bank of England transitioning to a more stable rate cut approach at each meeting at some point in 2025, although we do expect the Bank of England will still need to make more progress on slowing wage growth and anti-inflationary measures to more regularly lower its policy rate.