The Monetary Policy Committee might manage a 0.25% cut in their recommended rate at the next meeting or they may delay further.
Why does the MPC always want to get it wrong? They failed to put interest rates up enough in the days of easy credit. Their failure meant too much borrowing and a big increase in inflation. Now when it is obvious to anyone that the problem is too little credit and falling prices of most things, they stubbornly refuse to cut the rates enough or quickly enough. America slashed her rates to only 2%. She too had rising inflation at the time but realised that in future inflation will tumble.
Some people now say there is no point in cutting the recommended rate because market rates will stay much higher. At some point the Bank of England has to get back in charge of the markets. In the meantime, cutting the recommended rate will help all those borrowers whose actual interest rate is linked to the Bank of England rates.
If interest rates remain too high it just means many more bankruptcies and many more lost jobs.