Bank of England Deputy Governor Dave Ramsden said on Friday that he saw risks to the BoE's inflation target as being two-sided, rather than skewed downwards as before, though he noted that BoE rate cuts did not necessarily need to be slow.

Dave Ramsden told the Bureau for Economic Research at South Africa's Stellenbosch University that recent data on wages was a 'concerning development.'

UK inflation risks have increased because of stronger than expected pay growth, a senior Bank of England rate-setter said, as he emphasised the need to proceed with “gradual” monetary policy easing.

Wage pressures in Britain have raised the risk of inflation holding above the Bank of England's target, the bank's Deputy Governor Dave Ramsden said on Friday, though he added that interest rate cuts did not necessarily need to be slow.