The Bank of England is wary of starting to withdraw its £125bn ($203bn) programme to pump money into the economy too early, Charlie Bean, the deputy governor, said on Monday.

Mr Bean told a meeting with regional business leaders in Leeds: “We are going to need to withdraw the stimulus ... But we don’t want to do it too early and nip the recovery in the bud. We will look at conditions one month at a time and try to form our best opinion.”