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Rates Must Rise To Maintain Credibility, Says Times Shadow MPC


Interest rates must rise today and the only question is by how much, according to The Times’ shadow monetary policy committee. The Bank of England should raise interest rates by at least 0.25 points to maintain their credibility and manage inflation expectations in light of soaring prices, the panel of experts said. Four members of the nine-strong shadow committee voted to raise rates by 0.25 points to 0.75 per cent, while another four opted for an increase of 0.5 points to 1 per cent. One voted to raise rates by 0.75 points to 1.25 per cent.

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