Newest policy-committee member recommends taking out ‘a little insurance’ amid signs of weakening demand in a fragile economy.

The Bank of England should move quickly to bring down interest rates given signs of a slowdown in Britain's economy, Alan Taylor, the BoE's most recently appointed interest rate setter, said on Wednesday.

Bank of England should cut rates pre-emptively, says committee member - Alan Taylor, the most recently appointed member of the Bank’s monetary policy committee (MPC) said the UK is ‘in the last half mile on inflation’.

The fall in the headline rate of inflation from 2.6 percent to 2.5 percent was unexpected and positive news for the Chancellor Rachel Reeves.

The Bank of England will cut interest rates four times this year to support a flat-lining economy, economists polled by Reuters said, but they added that risks to inflation are to the upside, suggesting policymakers may end up doing less.