The Czech central bank has cut its key interest rate for the eighth time in a row as inflation remains low and the economy is making a slow recovery.

The Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual as it predicted the British government's first budget would lead to higher inflation and economic growth.

Policymakers at the European Central Bank are split on the need to consider a jumbo half-point interest rate cut in December.