Governor Andrew Bailey tells the BBC he expects rates to continue falling, but “the course is a bit more uncertain”.

Bank of England Chief Economist Huw Pill said on Friday that inflation pressures were likely to continue weakening, but there was a risk that future rate cuts could be delayed by shifts in longer-term price- and wage-setting behaviour in the economy.

The Bank of England cut interest rates on Thursday but four of its nine policymakers - worried about high inflation - sought to keep borrowing costs on hold.