Wells Fargo expects Bank of England to cut rates by 25 basis points in November

Wells Fargo said that the UK's confidence survey in the third quarter was encouraging, including the rise in both the UK manufacturing and service PMIs in August. The recovery of economic growth and the continued rise in wages will keep the Bank of England stable on the path of interest rate cuts rather than accelerating.

The Bank of England is expected to keep interest rates on hold in September before cutting rates by 25 basis points to 4.75% in November.