Lomax, who is a member of The Monetary Policy Committee (MPC) that decides on interest rates, said there were always risks at a time of rising energy prices.
"Soaring oil prices were an important reason why some members of the MPC, including myself, were reluctant to cut interest rates when the economy slowed in 2005," she told the Hull and Humber Chamber of Commerce in northern England on Thursday.
The deputy governor was also one of the seven MPC members who voted to keep rates on hold earlier this month, against two who argued for a cut.
She said there is a great deal of uncertainty about the effects of the recent turbulence and this must be weighed against the inflationary effects of rising energy prices as oil approaches 100 dollars a barrel.
British business have been hoping for a cut in interest rates for the last few months following their fifth 0.25 per cent rise to 5.75 per cent in July compared with 4.5 per cent in August 2006.
But Lomax's comments were seen suggesting that the MPC may not be in a hurry and could delay any decrease until the beginning of next year at the earliest.
One of the consequences of the record oil prices has been in the rise in petrol prices, with rates of non-leaded increasing to an average of over Pnds 1 per litre for the first time earlier this month.
Via: Islamic Republic News Agency
