The central bank cut rates for the third time in about six months as it said economic growth had been weaker than expected.

The Bank of England cut interest rates by a quarter-point and some policymakers wanted a bigger move to offset a slowdown, but the BoE said it would be careful about further moves in the face of an expected inflation spike and global economic uncertainty.

The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday even though inflation remains above its target