The Bank of England must remain focused on its inflation target even as it begins a series of extraordinary measures, including creating money to try to get banks to lend more, Tim Besley, a member of the Bank’s interest rate-setting committee, warned in a speech on Tuesday night.

Mr Besley emphasised the need for the inflation target to remain “credible” in the short term, even as weak growth and lower commodity prices seemed likely to drive inflation well below the Bank’s desired level of 2 per cent for an extended period.