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.

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

Dave Ramsden, the Bank of England deputy governor, said the United Kingdom’s inflation risks had increased in the past few months. The policymaker revealed that inflation risks had risen due to the increased pay growth.

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, who is the bank's deputy governor for markets and banking, pointed to the combination of rising inflation and weak economic growth.