BoE's Lomax on reasons for raising interest rates

- Central Banking staff
- 02 Jul 2004

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In a speech given on 1 July, Rachel Lomax of the Bank of England said that "the UK emerged from the slowdown in the world economy with less slack than other economies. That is the key reason why we were the first to start raising interest rates".

She argues that monetary policy makers should be "taking action at the first sign of trouble, and preferably before...if we delay taking action until inflation has taken off, it will be more difficult to bring it down again without causing the economy to

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