LONDON (Reuters) - The Bank of England cut interest rates by a quarter of a percentage point on Thursday, judging a sharp upward revision to its inflation forecasts for this year will prove temporary.

The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday, even though inflation remains above its target. Most economists think the nine-member Monetary Policy Committee will lower the bank's main interest rate by a quarter of a percentage point to 4.

The Bank of England cut interest rates by a quarter percentage point on Thursday as the UK economic outlook darkens, alongside the looming threat of President Trump's trade policy