LONDON (AFX) - The UK Confederation of British Industry said it will call for a Bank of England to rate cut to soften the impact of a global slowdown later today. In his Roy Bridge memorial lecture to be delivered at 6.00 pm today, CBI chief Digby Jones will argue that a world economic slowdown is "looming large" over businesses in the manufacturing and service sectors, the CBI said. "The Bank of England needs to soften this impact by taking rates down another notch. We recognise that consumer demand remains robust, but overall our analysis shows there is no real risk of overshooting the inflation target," an excerpt from Digby's lecture read. Sterling's recent rise against the euro and sluggish global growth amid the lack of an upward trend in wage settlements are forcing disinflationary pressures, Digby is expected to say. "A cut now will help keep the wind in the sails of the UK economy," his speech said. Meanwhile, market consensus is for the BoE to hold interest rates at 5.25 pct on Thursday.