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 on Thursday said it was cutting its key interest further after UK inflation hit a three-year low and signalled more reductions, easing pressure on borrowers.