LONDON (AFX) - Bank of England governor Eddie George rejected the view by UK economists that the bank's November inflation report is too optimistic. Appearing before the treasury select committee, George said economists always have differing opinions. He said it is important to know when forecasts are being made and what is influencing them. "We can only take our own best view," and that is what the bank has done in compiling the forecasts in its November inflation report, he said. The report forecast economic growth will dip "a little" next year before picking up in 2003. It also said RPI-X inflation will fall to around 2 pct early next year before rising to its official target of 2.5 pct in 2003. George said the bank's Monetary Policy Committee sees a "low chance of recession" in the UK. However, independent MPC member Sushil Wadhwani said he considers there are downside risks to the outlook for economic growth and inflation. He suggested he is more concerned by prospects for the world economy than his fellow MPC members. He said his view is that the global economy will recover later than is forecast in the inflation report and that that "will feed in to the UK economy". Wadhwani said that before the MPC cut rates by 50 basis points on Nov 8 he "actively considered" a reduction of 75 basis points but decided that would do more harm than good to confidence. He also said that if the MPC had started cutting rates sooner, it is possible that it would not have to be doing so now. On the exchange rate, George said the MPC has been puzzled by the ongoing weakness of the euro against sterling but that is "not a situation that is likely to persist in the long term". However, he said there is no way of judging when the euro is likely to recover.