The Bank of England has revealed that it is currently experiencing "technical IT problems", though has stated that the issues do not relate to its critical payment and settlement services.

Problems with a component within a piece of hardware is thought to be to blame for the technical issues experienced by the BoE on Thursday, with staff currently working to fix the failure.

The BoE said in a statement:"The Bank has been experiencing some technical IT problems today. There is no impact on critical payment and settlement services. Alternative procedures are in place where necessary. The Bank is acting to resolve these problems as soon as possible."

The BoE was unable to expand more on what the cause of the problems or the systems affected at this time.