LONDON, Aug 13 (Reuters) - The Bank of England published its quarterly inflation forecasts on Wednesday against a backdrop of sharply rising price pressures and near stagnant economic growth.

Below are reactions to the report.

ALAN CLARKE AT PARIBAS

"Inflation projection sub 2 percent 2-years out and sloping below 2 percent beyond, even assuming market expectations for cuts -- bias to cut".

ZAHRA WARD-MURPHY, ECONOMIST AT DESDNER KLEINWORT WASSERSTEIN

"Immediately what strikes me is that inflation is seen below 2.0 percent at the end of the target period. But in terms of the impact on rates, we're probably still not looking at cuts coming through until 2009, becuase there are serious near-term upside risks (to inflation)."

"(In terms of impact on interest rates) I think it's a firm on-hold until we see this sharp slowdown that they are expecting in growth start to impact on the inflation rate."

AMIT KARA, UK ECONOMIST AT UBS

"We'll have to wait to see what the comments are, but the sense is that with the chart showing inflation below the target in two years' time, it opens the door for a rate cut."

((UK Economics desk, uk.economics@reuters.com, Tel: +44 207 542 5109))