Bank of England's Mann says UK inflation is in high persistence scenario

Bank of England interest rate-setter Catherine Mann said on Tuesday she thought Britain's inflation rate was in a period of being at a persistently high level - although that did not mean further interest rate cuts were completely off the table.

"For those of you who might have read the August Monetary Policy Report ... there was an inflation persistence scenario in that," Mann told a seminar organised by the Financial Times and S&P Global Market Intelligence. "I believe that that inflation persistence scenario is playing out."

However there was also uncertainty over the economic outlook, meaning further reductions in borrowing costs could not be ruled out, she said.