Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month.

The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration.

The Bank of England is under fire for not going far enough in its cut to interest rates due to the "economy being on its knees", analysts have claimed. Earlier this week, the central bank slashed the base rate by 0.