Tucker: BoE to only partly offset the credit blow

The Bank of England should cut rates gradually to avoid inflation, said Paul Tucker, the Bank's executive director responsible for markets and member of the Monetary Policy Committee.

The economy faces strong upside and downside risks to inflation, Tucker noted. The downside risk comes from tightening credit conditions, and the upside risk is due to the rise in commodity prices and weakening pound. This means allowing a degree of slack in the economy, he admitted.

"Only by underpinning the

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