The Bank of England (BoE) Chief Economist Andy Haldane said before the Treasury Committee on Tuesday that downside risks to growth and inflation outlook increased.

"I see the balance of risks around UK GDP growth and inflation as skewed materially to the downside, more so than embodied in the November 2015 Inflation Report. There are of course also risks to the upside, but I consider these to be both more modest in scale and somewhat easier to cope with should they occur," he said.