The Bank Of England Is Expected To Cut Interest Rates On 'Super Thursday'

The Bank of England will gather on Thursday and experts predict the central bank will implement its first interest rate reduction in seven years.

The country's central bank gathered in July and held off on raising interest rates at the time. Since then, the central bank said it needs to see further evidence of a deterioration in the economy that now faces an uncertain prospect following June's Brexit vote.

Martin Weale, a policymaker for the central bank, was quoted as saying that data he's seen after the July meeting is "a lot worse" than he previously thought. He also said  "expectations have worsened sharply."

The central bank, however, did say in its prior meeting that, "most members of the committee expect monetary policy to be loosened in August.

Related Link: Bank Of England Policymaker: Data Are 'A Lot Worse Than I Had Thought'

'Super Thursday'

Thursday's Bank of England meeting is being dubbed "Super Thursday." According to a report by Market Watch, analysts are "virtually certain" ECB Governor Mark Carney and the bank's Monetary Policy Committee will "deliver some highly anticipated easing measures aimed at countering the Brexit-induced hit to the economy."

Analysts at HSBC are expecting a 25 basis point cut to the bank's rate, which currently stands at 0.50 percent.

Finally, the possibility of the Bank of England also restarting a quantitative easing program and buying at least £25 billion ($33 billion) in assets is not off the table.