The Bank of England is expected to leave the Bank Rate at a record low of 0.1% and the size of its bond-buying program unchanged at £875 billion during its first meeting of 2021. However, investors will keep a close eye on BoE’s quarterly outlook and the result of a feasibility study of negative interest rates. The central bank is not expected to cut rates below 0% soon but the central bank will most likely not rule out their use in the future. Traders will also be looking for any updates on the near term outlook as the UK remains under a national lockdown. The bank will likely upgrade its forecasts for 2020 but downgrade forecasts for the year ahead.