‘Base rate needs gentle boost’
Tuesday 31st May 2011, 2:30PM BST.
OUTGOING Bank of England Monetary Policy Committee member Andrew Sentance has told a Guernsey audience why he believes a rise in interest rates is needed.
Dr Sentance (pictured), who will step down as an external member of the MPC today after four-and-a-half years, has been voting for a rise in the rate since the middle of last year, but it is only in recent months that other MPC members have supported him.
At its last sitting, earlier this month, the MPC voted 6-3 against an increase.
Dr Sentance will now take on an agreed three-month silence on Bank of England and MPC matters.
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