FXStreet (Mumbai) - The Sterling Overnight Index Average or Sonia forwards show the traders are fully pricing in a 25 basis points in February 2017. The past history shows the Bank of England has followed the Federal Reserve’s lift off within three months. However, the Sonia forwards indicates a lag of 14 months this time. Britain’s benchmark rate has been at a record-low 0.5% since March 2009. Markets were expecting the BOE to lift rates by the turn of this year till September 2015. However, the sentiment has changed now and even the BOE head Carney believes the conditions for the UK to boost rates still aren’t in place. For more information, read our latest forex news.