BoE's Bean says rate move was no surprise

The inflation rate two or more years in the future matters more than the current rate for setting monetary policy, Bank of England Chief Economist Charles Bean was quoted as saying on Wednesday 16 August.

In an interview in the Daily Post newspaper in North Wales, Bean said markets should not have been surprised by this month's quarter-point rise in the BoE's key interest rate as inflation has been "considerably above our target".

"It was not a large increase in rates, but we want to be forward