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Will Interest Rates Rise? The Times Shadow MPC Thinks They Should

BOE

The Bank of England should raise rates by at least 0.25 per cent tomorrow to show that it is serious about tackling inflation, according to The Times’s shadow monetary policy committee. The committee was divided on whether to raise rates by 0.25 percentage points or by even more. Five of the nine members of the shadow committee voted to increase the interest rate to 0.5 per cent from 0.25 per cent, while two opted for a 0.5-point rise to 0.75 per cent. The other two backed a rise of 0.75 percentage points to 1 per cent. Interest rates have not been as high as 1 per cent since 2009. They were cut from 5 per cent to 0.5 per cent in a year to aid the economic recovery from the 2008 financial crisis.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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