11.   JP Morgan, likewise, noted that there was not enough room for interest rates to drift lower because of rising inflationary pressures.

12.   There is rising pressure in Washington to stop the tax-shelter exodus.

13.   But the Bank of England has since argued for a further tightening in monetary policy, citing the need to stem rising inflationary pressures provoked by strong consumer spending.

14.   Deputy Governor of the Bank of England Howard Davies called on Tuesday for a rise in British interest rates to stem rising inflationary pressures here.