The Bank voted eight to one to leave rates on hold at 0.5 per cent this month

House prices and family finances are under threat from a “significant” slowdown in the economy after Brexit, the Bank of England warned yesterday as it prepared for an interest rate cut in three weeks’ time.

The Bank voted eight to one to leave rates on hold at 0.5 per cent this month but said “most members of the [rate-setting] committee expect monetary policy to be loosened in August”.

The Bank takes its next rate decision on August 4, alongside its new economic forecasts, but painted a bleak picture for growth and jobs yesterday. In the minutes to this month’s policy meeting, it said Brexit “could lead to a significantly lower path for growth” and “a softer employment outlook”.

Philip Hammond, the chancellor, met Mark Carney,