By Jonathan Davies

It would be "extremely foolish" for the Bank of England to cut interest rates in an attempt to tackle inflation, according to the Bank's governor Mark Carney.

Inflation fell to the record low of 0.3% in January, and Mr Carney told House of Lords economic affairs committee that he expects inflation to fall close to zero and remain there for much of the year.

But lowering interest rates, which have been at the record low of 0.5% for six years, to combat inflation would be "foolish" the governor said.

"The thing that would be extremely foolish would be to try to lean against this oil price fall today [and] try to provide extra stimulus to try to get inflation up at this point in time.

"The impact of that extra stimulus ...would happen well after the oil price fall had moved through the economy and we would just add unnecessary volatility to inflation. That would be foolish," he told the committee.

Separately, Ian McCafferty, another member of the Monetary Policy Committee (MPC) which sets interest rates, said in a speech that he expects oil prices to keep inflation low for 'some time'.

Oil prices fell by more than half between June and the end of 2014 - Brent crude oil is now trading at $54.12 per barrel.

Mr McCafferty regularly voted in favour of raising interest rates before voting to keep them at 0.5%.

In a speech at Durham University in the north-east of England, the MPC member said it's "not a risk that we can dismiss".