U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS Bank of England governor Robin Leigh-Pemberton said lowering interest rates too fast could jeopardise recent economic achievements in the U.K. In remarks prepared for delivery to businessmen in Birmingham, he said prospective returns on real investment are more favourable, relative to those on financial assets, than for a good number of years. "It would surely be foolish to put that favourable conjuncture at risk by lowering interest rates prematurely or excessively," he said. "We might enjoy a short-term boost to activity, but at the risk of a damaging return to the uncertainty and acrimony of high inflation," he added. Leigh-Pemberton said he recognised there are some who would argue that interest rates are still too high and deter investment in industry. "But we should not forget that less than a year ago we were intervening to support sterling and had some temporary difficulty in persuading the markets that a one pct increase in base rates, to 11 pct, was a sufficient tightening of policy at the time," he added. Base rate is currently nine pct.