Supply constraints rather than soft demand caused recent weakness in the U.K. economy, suggesting to BOE member Megan Greene that borrowing costs will have to stay restrictive to tame inflation.

Bank of England policymaker Megan Greene on Wednesday advocated a cautious approach to cutting interest rates, and said it was looking increasingly likely that policy would need keep leaning against persistent inflation pressure.

The Bank of England could cut interest rates only twice more, including once at this week’s meeting, pausing rate reductions by the second half of the year, Berenberg’s Andrew Wishart says in a note.