Her view is that lower rates will lead to higher consumer spending, and so the portion of GDP growth contributed by government spending will fall, while the proportion contributed by consumers will rise. 

Dickens view is that the lower rates should mean there are no negative quarters of UK GDP growth in 2024.

Beck-Friis expects rates to be cut imminently in the UK and expects that the peak at which rates will rise in future, known as the terminal rate, will also be lower in future. 

Lyons says that with service sector inflation proving more “persistent” than might have been expected, “it is not the environment to aggressively cut rates right now”, but he does expect monetary policy to loosen from here. 

He says the BoE has been too focused on the immediate term when deciding monetary policy, whereas it should have be more forward looking and so cutting rates now would be getting a little ahead of the curve, which he believes would be a positive. 

David McCreadie, chief executive at Secure Trust Bank, says the fact inflation is falling and GDP is rising means the BoE can feel confident that cutting rates will not have a negative impact on inflation, or on economic growth. 

David Thorpe is senior investment editor at FT Adviser