BoE's Lambert downplays UK inflation rise

Writing in the UK newspaper the Sun, Bank of England rate setter Richard Lambert downplayed the sharp recent rise in UK inflation, saying that the central bank does not set rates according to where inflation stands at present.

'But its not today's inflation rate that drives interest rate decisions,' Lambert wrote.

'Rates take time to have an impact -- so the bank must judge where the economy and inflation might be heading which is always uncertain,' he added.

His comments were made after the CP