Bank must be cautious over more rate cuts, says deputy governor

Bank of England policymakers must proceed cautiously, like mountaineers, when they cut interest rates over the next few months as inflation risks rise, according to the central bank's deputy governor, Dave Ramsden.

- Heather Stewart

In a speech at Stellenbosch University in South Africa, Ramsden - who is a climber - returned to the mountain analogy previously used by the Bank's chief economist, Huw Pill, to describe the path of interest rates.

Ramsden said: "A gradual and careful approach is always needed on the way down a mountain to ensure a safe descent and a successful outcome. But that doesn't always mean the descent has to be slow."