The Bank of England may cut interest rates on Thursday after more than seven years on hold, due to the economic and financial fallout from the Brexit vote.

The bank's Monetary Policy Committee (MPC) met on Wednesday for the first time since the U.K. voted to leave the European Union in a referendum last month. Many in the market see it deciding to slash its benchmark interest rate by 25 basis points (bps) to 0.25 percent. This would be the bank's first move since cutting rates to 0.5 percent from 1.0 percent in March 2009.

One week after the vote, Bank of England Governor Mark Carney issued guidance that hinted at policy changes to come.

"The economic outlook has deteriorated and some monetary policy easing will likely be required over the summer," he said in a speech on June 30 at the Bank of England in London.