Dave Ramsden said gradual and careful approach needed to balance inflation risks and interest rate cuts

Bank of England policymakers must proceed cautiously – like mountaineers – as they cut interest rates in the months ahead as inflation risks rise, according to the central bank’s deputy governor, Dave Ramsden.

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