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Outgoing MPC member says current stimulus needs to be kept for several quarters at least an 'probably longer'.
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Bank of England Monetary Policy Committee member Gertjan Vlieghe still sees the rise in inflation as temporary, arguing Monday against near-term tightening, noting in a speech to the London School of Economics that the long-term factors keeping rates low are still in place.
"It will remain appropriate to keep the current monetary stimulus in place for several quarters at least, and probably longer," he said, adding that when tightening comes not much will need to be done. Vlieghe's term as an independent MPC member is almost at an end, with the August meeting his final one in this role, and his comments making crystal clear that he has no intention of backing tightening next week.