BoE's Gieve on stability and change

In the speech 'Stability and change' given on 20 July John Gieve of the Bank of England warned that policymakers "will not hesitate to change interest rates" to keep inflation on track as the deflationary benefits cheap imports show signs of retreating.

Addressing the Engineering Employers' Foundation North West, Sir John said interest rates are set to deliver the Bank's 2 per cent consumer price inflation target.

However, he said the benefits of cheap goods from countries like China are

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