Reuters reports that Silvana Tenreyro – one of the Bank's nine Monetary Policy Committee (MPC) members - said Britain's economic recovery from the coronavirus lockdown would probably be hindered by consumers remaining wary of the virus, social distancing rules curbing activity and unemployment rising.

"Behavioural responses mean that the UK economic outlook will continue to depend on the global and domestic spread of COVID-19," Tenreyro said.

"Assuming prevalence gradually falls, my central case forecast is for GDP to follow an interrupted or incomplete 'V-shaped' trajectory, with the first quarterly step-up in Q3."