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Bank is ‘selling England by the pound’
Business digest: MPC member Andrew Sentance says BoE has faulty interest rates policy
The Bank of England has been accused of "selling England by the pound" by a member of its Monetary Policy Committee, external appointee Andrew Sentance.
Flying in the face of Governor Mervyn King's statements of restraint earlier this week, Sentance called for a rise in interest rates by May. He warned that the longer the Bank left it, the steeper and faster rates would eventually have to rise.
He added that there was a need to ensure that a weak currency was not "aggravating imported price pressures and destabilising the path of inflation over the medium-term."
His comments came as the Confederation of British Industry (CBI) reported strong exports, which would appear to back up his predictions.
Read a full report at the Independent. ·
