Bank of England Deputy Governor Dave Ramsden has suggested that if uncertainties surrounding the UK economy decrease in the coming months, he would be open to considering faster interest rate cuts.

Ramsden's statement follows the release of official data showing that inflation in October exceeded expectations and surpassed the Bank's 2% target. Speaking at the University of Leeds, Ramsden expressed optimism about the economy's trajectory and predicted a continued normalization process. He also noted that despite the recent increase in inflation rates, there is an ongoing trend towards low and relatively stable inflation.