Speaking in South Africa on Friday, Mr Ramsden, who is the bank’s deputy governor for markets and banking, pointed to the combination of rising inflation and weak economic growth.
Bank of England policymaker Dave Ramsden has backed the Bank’s “gradual and careful” approach to rate cuts, pointing to “increased uncertainty” in the economy.
Mr Ramsden pointed to a recent employment market report, which indicated that earnings growth hit an eight-month high, with regular pay growth hitting 5.9% in the three months to December.
The Bank wants inflation across the whole economy to return to its 2% target over the coming years, with higher wage growth a potential hurdle to that.
While Mr Ramsden did not pour cold water on more cuts, he also said there is more risk of inflation rising than there was before.
