The pound fell sharply Thursday after Bank of England Governor Andrew Bailey said the central bank could be more aggressive in cutting borrowing costs if inflation remained benign.

The Bank of England could move more aggressively to cut interest rates if inflation pressures continue to weaken but conflict in the Middle East could push up oil prices, Governor Andrew Bailey said.

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.

The comments follow Bank governor Andrew Bailey hinting interest rate cuts could soon become "more aggressive".

Huw Pill has signalled that rates should be cut in a 'gradual' manner, amid caution over the long-term path of inflation

THE Bank of England could be “more aggressive” in cutting interest rates, Governor Andrew Bailey has said. He claimed that if inflation continues to be held in check then the Bank could “be more

Both the unemployment rate and the average hourly earnings growth will probably remain unchanged at 4.2% and 3.8%, respectively. Up to now, data prints have been mixed, with the ISM manufacturing survey disappointing but both the weekly jobless claims and the ISM services survey raising the probability of an upside surprise today.