Bloomberg reports that Wall Street economists are increasingly predicting the Bank of England will take further action to revive growth in coming months as the U.K. recovery from the coronavirus recession proves lackluster.

Economists at Goldman Sachs Group Inc. say policy makers may signal in August that interest rates could turn negative, while BofA Global Research expects them to cut the benchmark rate to zero from 0.1% as unemployment worsens and the inflation outlook weakens.

The Royal Bank of Canada says the central bank could be forced to take borrowing costs negative as early as November.

“The end of the year has the potential to become a perfect storm for the U.K. when risks of rising virus cases and the phasing out of labor market support coincide while Brexit becomes a tangible event,” RBC analysts including Peter Schaffrik and Cathal Kennedy said in a note. “The BOE will look for further stimulus measures and markets are likely to anticipate this.”

Bets on the BOE easing policy further are already picking up, with investors pricing in sub-zero rates by next spring. Money markets are pricing in a cut to zero in February.

Interest-rate futures tied to three-month sterling Libor -- the rate banks can borrow from each other -- are trading above 100, hinting at negative rates by September 2021. This funding rate is also below the BOE’s benchmark, a move that often precedes a rate cut.