UK

Rate cuts are the Bank of England’s ‘direction of travel’, says new deputy governor

Clare Lombardelli will formally join the Bank of England from the OECD in July

Clare Lombardelli will leave the OECD to join the Bank of England. Picture: Getty

The Bank of England’s "direction of travel" is towards interest rate cuts, its incoming deputy governor for monetary policy has said.

Clare Lombardelli, who appeared before MPs on Tuesday ahead of taking up the role in July, signalled that rate cuts are on the horizon but indicated that higher-than-expected wage growth could instil caution among policymakers in the months ahead.

"I'm not going to put a date on when I expect the UK to start ...