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Wanted! A strategic approach to UK monetary policy

A former member of the Bank of England’s Monetary Policy Committee says its credibility will be further undermined if it puts off another rate rise

By Andrew Sentance  

The Bank of England. Photo: Yui Mok/PA Wire/PA Images

The Bank of England Monetary Policy Committee (MPC) will consider tomorrow at its May meeting whether to raise the official UK Bank Rate to over 0.5 per cent for the first time since March 2009. The short-term indicators on growth and inflation present a mixed picture. GDP rose by just 0.1 percent in the first quarter of this year, though economic activity was quite significantly affected by wintry weather—hitting both construction output and retail sales. CPI inflation has fallen…

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