The Bank of England cut interest rates by a quarter-point and some policymakers wanted a bigger move to offset a slowdown, but the BoE said it would be careful about further moves in the face of an expected inflation spike and global economic uncertainty.

The central bank cut rates for the third time in about six months as it said economic growth had been weaker than expected.

Bank of England Chief Economist Huw Pill pushed back against colleagues voting for a large interest rate cut, arguing that they are “rushing” to change policy too quickly.