Economists on Wednesday began predicting the Bank of England would cut interest rates next week, after an extremely weak survey of manufacturers fell to its lowest level on record.

The Chartered Institute of Purchasing and Supply/Markit purchasing managers’ index plunged to a record low of 41 in September, falling from 45.3 in August as it recorded the lowest rates of new orders, output and employment since the survey began in the early 1990s.