BoE's King on UK inflation and monetary policy

In a speech given on 23 January Mervyn King of the Bank of England said inflation in the UK could fall quite sharply this year and that there was room for reasonable people to disagree about the timing or level of interest rate changes. On Wednesday the Bank of England's minutes showed the decision to raise rates at the last meeting was very close.

"The month by month path of interest rates required to bring inflation back to target is a matter of judgement," he said.

"There is certainly room for

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