The Bank of England should move only gradually with cutting interest rates, Chief Economist Huw Pill said on Friday, a day after Governor Andrew Bailey was quoted as saying the BoE might move more aggressively to lower borrowing costs.

Rolling coverage of the latest economic and financial news.   13:44 At 254,000, the increase in total nonfarm payroll employment last month was higher than the average monthly gain of 203,

The value of the pound dropped sharply after the Governor of the Bank of England said interest rate cuts could become a “bit more aggressive”. Sterling sank as much as 0.8pc to fall below $1.32 for the first time in a fortnight after Andrew Bailey said policymakers could become “a bit more activist” about lowering borrowing costs.