MONETARY Policy Committee member Silvana Tenreyro has declared she would be inclined to vote for a cut in benchmark UK interest rates from 0.75 per cent if Brexit-related uncertainty or subdued global growth continued to weigh.

Her comments come hard on the heels of Bank of England Governor Mark Carney highlighting on Thursday the possibility of a rate cut if UK economic weakness persists.

The Bank of England’s forecasts last November assumed Britain would move towards a deep free trade agreement with the European Union this year.

Ms Tenreyro, speaking at the Resolution Foundation in London, said: “The risks to these assumptions are largely to the downside.”

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She added: “If uncertainty over the future trading arrangement or subdued global growth continue to weigh on demand then my inclination is towards voting for a cut in Bank Rate in the near term.”

The UK is due to leave the European Union on January 31. This will be followed by an 11-month transition period. Experts have voiced scepticism that a broad free-trade agreement can be secured in such a short timescale.

Mr Carney on Thursday cited “tentative signs” of global growth stabilising, and a tight UK labour market.

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But he flagged the impact of Brexit and declared: “There are downside risks from global growth and the possibility that uncertainties over future trading relationships could remain entrenched. With the relatively limited space to cut Bank Rate, if evidence builds that the weakness in activity could persist, risk management considerations would favour a relatively prompt response.”

Two members of the Bank’s nine-strong MPC, Michael Saunders and Jonathan Haskel, voted unsuccessfully for a quarter-point cut in base rates in November and December. Mr Carney and Ms Tenreyro voted for no change in rates at these meetings. Surveys this month from the Chartered Institute of Procurement and Supply and IHS Markit have fuelled fears the UK may have failed to grow in the fourth quarter of 2019.