MPC’s Sentance critical of fellow policymakers’ focus on output gap

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Andrew Sentance, an external member of the Monetary Policy Committee (MPC) at the Bank of England, on Monday said there was an overemphasis on the output gap when setting monetary policy at the Bank and called for his colleagues on the rate-setting committee to broaden their assessment of inflation drivers to give greater weight to global factors.

At the European Policy Forum in London, Sentance said that although the MPC had, quite rightly, focused on inflation medium term, and was trying to lo

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