Adam Posen, an external member of the Bank of England's Monetary Policy Committee (MPC), on Monday defended the Bank's accommodative monetary policy stance, describing the Bank for International Settlement's (BIS) call for the UK to begin raising rates as "nonsense".
In its Annual Report published on Sunday, the BIS questioned the lack of policy change in the UK, given that CPI inflation had exceeded the Bank of England's 2% target since December 2009. "As yet, there has been no move by the MPC,
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