Bank of England policymaker Ian McCafferty says more rate cuts and quantitative easing are likely if the UK's economic decline worsens. McCafferty spoke after the BOE cut its interest rates for the first time since 2009 last week.

McCafferty said the central bank's rate can be cut closer to zero and quantitative easing can be stepped up.

He also suggested a more gradual approach towards rate cuts, citing a lack of information about how the economy has reacted to Britain's decision to leave the European Union.