Mervyn King, governor of the Bank of England, on March 27 described the process that had been "preliminarily" agreed on for gradually easing the UK's monetary policy back from the accommodative positions introduced to counteract the financial crisis.
Speaking to the House of Lords Economic Affairs Committee, the governor said that the Monetary Policy Committee had concluded that the first move would be to increase the bank rate in the UK. "Then when we are fairly confident that we are in a perio
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