London | The Bank of England has cut its benchmark interest rate for a second time in three months but warned it would probably have to keep monetary policy tight until the remaining inflationary pressures were squeezed out of the British economy.

But governor Andrew Bailey refused to be drawn on whether Donald Trump’s victory in the US presidential election might shift the bank’s calculus. He said his monetary policy committee (MPC) would respond to what the new president did once in office, rather than act on speculation about what he might do.