LONDON, July 2 Bank of England chief economist Andy Haldane said he saw "precious little evidence" of the wage and inflation pressures that might push the central bank to raise interest rates.
Speaking at a conference, he said that the level of British output was more important than its rate of growth in deciding when to increase rates.
Britain's economy still had scope to grow without creating price pressures, he said.
"There is a chance that we are structurally overestimating inflation and wage pressures in Europe. That's why we are where we are," he said. (Reporting by David Milliken Editing by Jeremy Gaunt)