Most analysts expect that the Bank of England’s monetary policy committee will cut UK interest rates from 4.75 percent to 4.5 percent when it meets on Thursday. However, the move is not seen as the beginning of a series of declines in rates but more as a “fine-tuning” of the economy, according to one analyst.

Many business leaders have been calling for the cut in rates due to concerns about economic growth and consumer spending as well as the advent of a recession among manufacturers. Many retailers have reported declines in sales figures, and data shows that manufacturing output contracted by 0.7 percent in the second quarter after an even larger drop in output of 0.9 percent in the first quarter.

There was one piece of good news for the economy, however, that some analysts believe will make members of the monetary policy committee think twice before cutting rates. The services Purchasing Managers Index as reported by the Chartered Institute of Purchasing and Supply shows business activity up to 56.3 from a reading of 55.8 at last report. Any figure above 50 denotes growth.

One analyst said that while a rate cut Thursday was not assured, it was still likely due to weak growth of the gross domestic product and falling employment figures. Interest rates in the UK have been at their present level for a year.