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Should the Bank of England raise interest rates? The Bank’s rate currently stands at zero and after a slew of positive UK economic data, the question is being asked with increasing insistence in both Westminster and the City.

Unemployment is declining and growth is gathering momentum—the IMF this week upgraded its outlook for British growth to 2.4 per cent and unemployment is in steady decline. In normal circumstances this would give sufficient reason to raise rates, so that the intensity of economic activity would remain under control.

But these are not normal circumstances.

As Mark Carney, the Governor of the…

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