We think the BoE will resume buying assets under its Asset Purchase Facility ( APF ) but it could also use its Funding for Lending Scheme ( FLS ) in order to boost lending to the real economy. We expect the BoE to make a precautionary 25bp cut from 0.50% to 0.25% and at the same time communicate that more easing could come. We think the BoE will communicate that the weaker GBP would only push inflation above its target temporarily, as was the case during the financial crisis.