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Bank Loan: Interest rates must rise to curb inflations, says Sentance

The Bank of England (BoE) must raise interest rates in order to curb inflation, according to Andrew Sentance.

The Monetary Policy Committee (MPC) member has publicly called for the base rate to rise to 0.75 per cent having voted for an increase in rates at the last six MPC rate-setting meetings.

He said: "The longer we keep interest rates at an exceptionally low level, the greater is the risk that bank rate would need to rise sharply in the future - creating a serious setback to business and consumer confidence.

"We should seek to avoid such a sudden lurch in policy."

Fellow MPC member Adam Posen has called for the Bank to pump more money into the economy via its quantitative easing programme, although Mr Sentance has argued against adding to the £200 billion which has already been added.

Mr Sentance also ruled out the possibility of a double dip recession unless the global economy was to suffer a huge setback.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800257258-ADNFCR

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