The Bank of England said on Thursday it estimates that its programme to cut its bond holdings may have added as much as a quarter of a percentage point to the cost of 10-year British government borrowing,

Its historic, knife-edge decision to cut interest rates captured headlines on Thursday, but the Bank of England could be about to make a far more consequential decision.

Financial markets predict the Bank will reduce interest rates to 4% from 4.25% in its fifth cut since last August.