Bank’s Sentance in shock call to raise rates
Andrew Sentance, a member of the Monetary Policy Committee (MPC) at the Bank of England, backed a 25 basis-point rate hike earlier this month, minutes of the Bank's rate-setting meeting released Wednesday.
Sentance did not call for a reduction in the Bank's stock of asset purchases, made as part of the quantitative easing program. It is the first vote for a rate hike since August 2008, when Tim Besley called for a quarter-point rise. Analysts had expected all eight MPC members - they are one
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