By David Milliken LONDON (Reuters) -The Bank of England will face a tricky balancing act when it considers future interest rate rises, because of the hit to people’s disposable income being dealt by surging inflation, BoE policymaker Silvana Tenreyro said on Wednesday. The BoE’s mandate required it to look at the likely level of inflation two to three years ahead, and avoid actions that would cause inflation to significantly undershoot its target, she said in a panel discussion hosted by Milan’s Bocconi University. “Looking ahead, we do face a very fine balance … because aggregate demand wil…