MNI BRIEF: More Worried About Upside Risks - BOE Lombardelli

Bank of England Deputy Governor Clare Lombardelli is worried more about upside than downside risks to inflation, she said on Tuesday.

"I also put more weight probably on some of the structural factors that we're seeing," she told the House of Commons' Treasury Select Committee, adding that she is "very worried that we're seeing more pressure on resources in the economy, and that obviously leads to price rises."

"I'm also perhaps less convinced than others about how restrictive monetary policy is," even though she thinks "all of us are expecting inflation to continue to fall." Lombardelli joined the majority on the MPC in a 5-4 vote to hold Bank Rate at 4% at the Nov 6 meeting. At the TSC meeting, her colleague Swati Dhingra restated her case for policy easing, while Catherine Mann reiterated her fears of inflation persistence.