Latest Issue

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 back…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect