Nickell on practical issues in UK monetary policy

In the speech 'Practical issues in UK monetary policy, 2000-2005' given on 20 September, Stephen Nickell of the Bank of England said the Bank could not have prevented Britain's house-price boom without harming economic growth.

House prices surged 22 percent in 2003, according to HBOS Plc, the nation's largest mortgage lender, and the bank would have had to raise its benchmark rate by 3 percentage points the previous year to stop this, Nickell said in his speech at the British Academy in London

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