The Bank of England's chief economist has warned that future interest rate cuts could be affected by global "disturbances" in the economy following Donald Trump's victory in the US presidential election.

The central bank said future cuts would be gradual amid higher inflation forecasts after the new government introduced spending and tax increases in its budget.

The Bank of England cut its main interest rate by a quarter of a percentage point to 4.75% on Thursday after inflation across the U.K. fell significantly, relieving some pressure on borrowers who have faced elevated mortgage and loan costs.