Analysts at Rabobank note that the UK publish has lost trust in the Bank of England (BoE) as the central bank "lost control of inflation, produced wildly fluctuating forecasts and made numerous communication gaffes."

We don’t expect a monetary policy overhaul

"Former Fed chief Bernanke is conducting an external review, with findings expected this month. We don’t expect a monetary policy overhaul, but we do anticipate significant changes in how the forecasts are constructed and presented."

"We expect the MPC to be more transparent regarding uncertainties, utilising scenario analysis more extensively. The MPC may also be more forthright about its preferred course of action."

"The immediate impact on the market should be minimal. However, there’s a possibility that it may require time for the market to adapt to and accurately interpret a new strategy."