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.

Are investors starting to look for opportunities away from high-flying US shares - and could the UK stock market benefit from that? Simon Lambert and Richard Hunter discuss.

The FTSE 100 hit a record high clear of 8,700 thanks to strong numbers from its largest weighting AstraZeneca, while traders in London also looked on hopefully to an expected rate cut by the Bank of England.

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.

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%.