BoE's Besley: rates should move higher, faster

Raising rates sooner will help bring inflation back to target faster, explained Timothy Besley, an external member of the Bank of England's rate-setting MPC, at a seminar organised by the CEPR in London.

He added: "Moreover, the peak of rates may eventually be lower by moving earlier." Besley, dubbed a "super-hawk" by the financial press, has called for a rate rise in all but one of the seven MPC meetings he has taken part in.

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