--Inflation Higher Than Expected Vs May Infl Report
--Near-Term Prospects For CPI, GDP Worse Vs May Rept
--Not Much MPC Can Do To Impact CPI, GDP In Near Term
--Economic Activity News "Not Very Good Either"
--Business Surveys Have Been "Distinctly Downbeat"
The
Bank of England's Monetary Policy Committee has to balance the upside
and downside risks to inflation generated by the credit crunch and
elevated commodity and energy prices, with both the growth and
inflation outlooks deteriorating, the BOE's Deputy Governor Monetary
Policy Charles Bean said. Bean offered no clear sign on whether the
next move in interest rates would be up or down.