Bank’s Sentance explains vote to raise rates

london-bank-of-england-with-lamp-post-in-foreground

Andrew Sentance, a member of the Monetary Policy Committee (MPC) at the Bank of England, on Tuesday explained why he voted for a 25 basis point rise in interest rates at the 9-10 June MPC meeting.

Sentance pointed to a reverse in the downward shift in money spending and positive business survey outturns as evidence that the UK economy had turned around since the summer of 2009. He said he also believed that expectations of large margins of spare capacity had not been borne out by the available

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