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Swati Dhingra, an economist and member of the Bank of England's monetary policy committee, which sets interest rates, has suggested that firms which normally send their goods to the US may instead send them to countries which don't have such steep tariffs, like the UK, potentially leading to a flood of cheaper goods.

Swati Dhingra, economist and member of the Bank of England's monetary policy committee, which sets interest rates, has suggested that firms which normally send their goods to the US, may instead send them to countries such as the UK which don't have such steep tariffs, potentially leading to a flood of cheaper goods in the UK.

“It is the net effect of these policies that will matter for the economy and for the path of monetary policy.”

Professor Alan Taylor, who is also a monetary policy committee member, agreed the risks to the economy outweigh the upsides, and that "is true for people around the country and around the world".

Megan Greene, a member of the Bank's monetary policy committee, said there is a lack of certainty about how far the US will go in implementing tariffs, and about how countries will respond.