The Bank of England will start bringing down interest rates in August, according to a slim majority of economists polled by Reuters, while only slightly fewer of them predicted a rate cut next month.

A cut in interest rates could come as soon as this summer as the central bank forecast that inflation would drop to its 2 percent target.

The Bank of England is keeping its main U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target.

The U.K.’s central bank left its key rate at 5.25% but indicated it could lower it in the coming months—possibly as early as June.

When central banks start cutting interest rates, they usually move quickly. The Bank of England may choose a more cautious path when its nine-member Monetary Policy Committee decides the time has come to reduce borrowing costs.

Britain's central bank kept interest rates on hold on Thursday, saying it needed to see more proof that inflation was falling before cutting the cost of borrowing.

The Bank of England is expected to maintain interest rates at a 16-year high of 5.25% Thursday, but a cut wouldn’t be a huge surprise as inflation falls from multi-decade highs

Companies may be 'hoarding' workers - retaining more staff than needed rather than lay them off - makes it hard for the Bank to know how sticky UK inflation really is

The Bank of England’s Monetary Policy Committee is expected to maintain interest rates at 5.25% in their upcoming meeting. It’ll come as a blow to many, with some hoping to have seen rates fall already.