We expect a pre-emptive MPC to act - ahead of getting hard data on the impact of the vote to leave the EU on the economy - to shore up confidence. Building on the Bank's actions since the vote to Leave in supplying additional liquidity and cutting capital requirements, we expect a unanimous vote to cut rates 25 bps. This is a a major shift from a 'data-dependent' bank, and there is a risk that MPC members prefer to wait until they have at least produced their new forecasts in August. But the MPC has acted in a unified manner through the referendum, and Governor Carney, who has recently been in the middle of MPC opinion, gave explicit guidance that he was preparing to lower rates.