Bank of England's Pill says uncertainty is no excuse for inaction on inflation risks

LONDON, March 24 (Reuters) - Bank of England Chief Economist Huw Pill said on Tuesday that uncertainty about the exact economic implications of conflict in the Middle East should not be used as an excuse for inaction over inflation threats.

Pill - who has previously said the BoE cut interest rates somewhat too fast over the past year - told a central banking conference in Skopje that he was ready to act "if necessary to contain the lasting components of any new inflationary pressures".

"I see the upside risks to price stability mounting as a result of events in the Gulf," Pill said in a text provided by the BoE.

"The fog of uncertainty in which we always operate cannot be an excuse for inaction," he added.