Deputy Bank of England Governor Clare Lombardelli said on Monday she was more worried about the risk that inflation comes in higher - not lower - than the central bank has forecast as she made the case for only gradual reductions in interest rates.

The Bank of England seeks to control inflation – the speed at which the cost of goods and services are rising – by raising and lowering the cost of borrowing via its base inte

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Bank of England Deputy Governor Clare Lombardelli said on Monday she was more worried about the risk that inflation comes in higher - not lower - than the central bank has forecast as she made the case for only gradual reductions in interest rates.

Clare Lombardelli warned it was 'too early to declare victory on inflation' because the pace of wage growth was not slowing as much as expected.