Sentance links UK inflation with global economy
The openness of the UK economy makes inflation vulnerable to global forces in the short term said Andrew Sentance, an external member of the Bank of England's Monetary Policy Committee, on Monday.
"Global economic developments - such as the recent turbulence in financial markets - also have an important bearing on the decisions of the Monetary Policy Committee." But Sentance added that, in the long-run, the influence of world events is limited: "Ultimately, it is domestic monetary policy - not
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