MNI BRIEF BOE Haskel: Higher Rate Curves Reflect Econ Recovery

UK monetary policy is at turning point and that the expected tightening largely reflected the economic recovery, Bank of England Monetary Policy Committee member Jonathan Haskel said Tuesday. Speaking at a University of Glasgow event, Haskel said that while he was a believer that high inflation was going to be transitory, the labour market was tight and if it remained so the policy rate would have to rise, although rising wages would only be sustainable if productivity improved markedly.

"Future rises in Bank Rate are largely indicative of the recovery ... the prospective rise in Bank Rate from its emergency level -- whenever that comes -- is not a bug, but a feature," he said. Haskel is seen as one of the more dovish members of the MPC, but his comments make clear that he too is firmly of the view that a hike in Bank Rate is looming, underlining comments in recent bank communication that all members of the MPC saw some degree of tightening ahead. The Bank is widely expected to tighten either at the December meeting or in February,