Bank of England (BoE) Chief Economist Huw Pill signaled to markets that the UK's central bank will be considering rate cuts over the next few meetings, provided there are no "big disturbances" in the economy. BoE's Pill spoke during a virtual question and answer period regarding the BoE's Monetary Policy Report.

Key highlights

In the absence of big disturbances to the economy, we will be thinking about cutting rates over the next few meetings.

Global rate moves may be less synchronized.

We are confident we can start to reduce policy restriction, but we're not there yet.

There are some signs UK economic activity is recovering.