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Bank Claim: Sentance calls for rise in interest rates

Monetary Policy Committee (MPC) member Andrew Sentance has once again publicly called for interest rates to rise.

The base rate has been frozen at its current level of 0.5 per cent for eighteenth consecutive months, with Mr Sentance the sole MPC member to vote for an increase in rates.

Writing for the Times, he claimed that the present high rate of inflation will not fall until interest rates rise and import prices drop.

Mr Sentance said: "We should take imported inflation seriously and not just treat it as a minor inconvenience

"A perception that the MPC might be starting to raise interest rates sooner rather than later would have probably led to a stronger currency than we have seen in recent months - dampening down rising import costs and subduing their impact on inflation."

The Consumer Price Index measure of inflation currently stands at 3.1 per cent, well above the Bank of England's target rate of two per cent.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800084829-ADNFCR

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