UK MPC hawk acting on 70s memories

Tim Besley, the only member of the Bank of England's nine-strong Monetary Policy Committee to back a rate hike this month, voted against the majority on fears that UK inflation could become as volatile as it was in the 1970s.

Besley told the Daily Telegraph, a newspaper, that he was not an "inflation nutter" and that the threat of high and volatile inflation justified his calls for a 25 basis-point increase to bank rate.

"What we have to guard against is the persistence of inflation, and a li