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MNI INTERVIEW: BOE’s Only Option Gradual Tightening – NIESR

(MNI) London

NIESR's Stephen Millard tells MNI the BOE's only option now is gradual tightening and that Bank Rate may stay higher for longer than assumed.

The Bank of England may have to keep interest rates higher for longer than policymakers appear to expect to dampen inflation, but it has missed its opportunity for aggressive tightening, National Institute of Economic and Social Research Deputy Director Stephen Millard told MNI.

The MPC could have hiked rapidly when the economy was recovering well from Covid but with recession risks now high it will have to move gradually as it tries to head off inflation pressures. Millard, formerly a senior research manager at the Bank, believes that Bank Rate may end up staying higher for longer than policymakers appear to believe.

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The Bank of England may have to keep interest rates higher for longer than policymakers appear to expect to dampen inflation, but it has missed its opportunity for aggressive tightening, National Institute of Economic and Social Research Deputy Director Stephen Millard told MNI.

The MPC could have hiked rapidly when the economy was recovering well from Covid but with recession risks now high it will have to move gradually as it tries to head off inflation pressures. Millard, formerly a senior research manager at the Bank, believes that Bank Rate may end up staying higher for longer than policymakers appear to believe.

Keep reading...Show less