BoE's Lambert warns on disappointing GDP

In the interview published by British daily, the Independent, Lambert also said that wage pressures were subdued and that inflation expectations were stable despite rocketing oil prices.

'I feel that the economy has been growing at below trend for three of four quarters,' Lambert said.

At its latest round of forecasts, the central bank said it expects growth to be subdued in the near term before picking up.

'That seems to be the best bet but I have felt that the risks were on the downside. For that forecast to be achieved consumption is going to have to pick up quite quickly, quite soon,' he was reported as saying.

'Spending on the high street is not getting worse but is not getting better,' he added.

'Inflationary pressures coming through the labour mark have eased a bit, That gives us some comfort,' Lambert said.