BOE's Nickell sees further rate rises

Bank of England Monetary Policy Committee member Steve Nickell said in an interview with the Times newspaper that the bank's benchmark interest rate will need to rise further.

Nickell said the bank's rate is unlikely to rise above 7 percent, the London-based paper said, higher than the peak rate predicted by many economists. The pound has risen 6.4 percent versus the dollar in the past six months, as the Bank of England raised its rate to 4.25 percent in three quarter-point moves.

Nickell also