{"text":[[{"start":8.96,"text":"The conditions for “persistent” inflation are brewing in the UK, a leading Bank of England policymaker has warned, as she refused to rule out a second interest rate rise in a row."}],[{"start":20.48,"text":"Clare Lombardelli, deputy governor for monetary policy at the BoE, said in a speech on Tuesday that high energy prices and the resilience of UK growth meant there was a case for a further increase in rates “in the near term” after last week’s quarter-point rise."}],[{"start":37.2,"text":"Wage growth could also ease less rapidly than the central bank expected despite increases in unemployment, she added."}],[{"start":44.627,"text":"“The conditions for persistent inflationary dynamics over the medium term are crystallising,” she said at a conference in London hosted by King’s Business School. “I don’t rule out back-to-back changes in interest rates. Nor am I saying they are definitely on. It will depend on what we see before the next rate decision.”"}],[{"start":63.84,"text":"She added: “In the absence of evidence of weaker inflation pressures, I continue to think there is likely to be a case for a further increase in rates in the near term.”"}],[{"start":71.12,"text":"The speech comes less than a week after the BoE raised its key rate by a quarter point to 4 per cent, citing high energy costs. All nine members of the bank’s Monetary Policy Committee (MPC) called for an increase, with one dissenter — Catherine Mann — arguing for an immediate half-point rise."}],[{"start":89.161,"text":"Lombardelli is considered among the more hawkish of the internal members of the MPC, having warned about the risks that inflation will prove harder to bring down than expected."}],[{"start":98.4,"text":"In Tuesday’s speech, Lombardelli highlighted that people were changing jobs less often and were also less likely to shift industries. This meant, she said, that the economy was “less effective at moving people towards new opportunities”, adding that the “labour market is stuck in low gear”."}],[{"start":114.921,"text":"“The costs are falling particularly heavily on young people, for whom the first step into work has become harder,” she said."}],[{"start":120.32,"text":"This had consequences for monetary policy, she argued, saying that if those looking for work are not suitable for the jobs available, higher unemployment may do less to keep wages down than it has in the past."}],[{"start":132.487,"text":"“Underlying wage growth remains at the upper end of the range consistent with the [BoE’s] inflation target, while forward-looking indicators point to continued strength into next year,” Lombardelli added."}],[{"start":143.76,"text":"She also argued that government action to boost young people’s health, skills and work opportunities — with the former Labour cabinet minister Alan Milburn set to conclude his review into youth inactivity — would be important to “strengthen the economy’s productive capacity and resilience”."}],[{"start":164.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794366684_4301.mp3"}