THE British Chancellor of the Exchequer, Mr Kenneth Clarke, does not intend to be rushed into higher interest rates by the Bank of England's worries about inflation. He believes there is still plenty of time to curb inflation through higher interest rates, if necessary, although the bank is pushing for a "preemptive" increase. When Mr Clarke met Mr George for their regular meeting on interest rate policy on July 3rd, the Chancellor appeared relaxed about inflation risks, according to the minutes just published.