Bank of England policymaker Swati Dhingra said she thought there was little risk to the central bank's credibility if it were to cut interest rates then need to raise them a short time later.

"There might be some kind of financial market psychology, but I still think that if you do the right policy and if you even deviate for the right reasons, people understand. So I’m not that worried about it," she said in an interview with the Financial Times.

Dhingra, the sole member of the Monetary Policy Committee to vote for a rate cut this month, said she saw a greater risk from economic weakness ahead caused by unnecessarily high interest rates.

(Reporting by David Milliken and Sachin Ravikumar; editing by William James)