Speaking to the Financial Times, Mann said that demand conditions in the UK are “quite a bit weaker” than before. That impacts consumer spending and the ability of companies to raise prices, therefore easing inflation risk. Mann was among the most hawkish policymakers at the bank but last week switched to vote for a 50 basis point rate cut.

US economists are looking for monthly headline CPI at 0.31%, which would keep the year-on-year rate at 2.9%. Core CPI is forecast to come in at 0.28%, with the year-on-year rate ticking down a tenth to 3.1%.

BP shares have jumped 6% after Bloomberg reported that activist investor Elliott Investment Management has built a stake in the oil giant. The disclosure, which comes ahead of BP’s annual results on Tuesday,

Growth downgrades and the rise in bond yields in recent months have wiped out the £9.9 billion margin that Reeves left in her Budget in October against her “stability rule” that day-to-day spending must be covered by taxes.

Futures had the FTSE 100 ticking up a further 28 points to reach 8,664 ahead of the Bank of England’s latest rate call, following Wednesday’s 52-point jump. Expectations widely were for the central bank to cut interest from 4.75% to 4.50% after data pointing to deteriorating economic conditions in recent months, leaving focus on its outlook.