Mark Carney said the Bank had already seen a fall in activity across the country but admitted it was too early to tell how badly Britain will be impacted by the spread of the virus.

In an interview with Sky News, Carney said: “What we are picking up with some of our bigger companies and companies around the world is that supply chains are getting a little tight. That’s lower activity.

“There’s less tourism – as you can see on our streets here in the UK. That’s lower activity as well.”