The Bank of England is set to hold its first monetary policy meeting after Britons voted to exit the European Union.

Markets now expect a reduction in the key interest rate from a record low. The decision will be announced along with the minutes of the meeting.

Economists expect a 25 basis points reduction in rates from 0.50 percent. The monetary stimulus is forecast to be left unchanged at GBP 375 billion at this meeting but anything could happen.