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Financial News: BoE's Haldane Says Need To Look Seriously At

BoE's Haldane Says Need To Look Seriously At Raising Rates

06/29/2017 - 10:22:00 (RTTNews)

(RTTNews) - The Bank of England needs to explore the possibility of raising interest rates if inflation continues to accelerate, the central bank's chief economist Andrew Haldane said Thursday.

"We need to look seriously at the possibility of raising interest rates to keep the lid on those cost of living increases," Haldane, who sits on the BoE's Monetary Policy Committee, told BBC during a visit to Wales.

"For now we are happy with where the rates are, we need to be vigilant for what happens next".

UK inflation accelerated to a four-year high of 2.9 percent in May, way above the BoE's 2 percent target. The central bank has forecast 2.7 percent inflation for this year.

During the rate-setting session earlier this month, Haldane voted to leave the policy stance unchanged, but later in the month he signaled favor for a rate hike this year.

On Wednesday, BoE Governor Mark Carney said some removal of monetary stimulus is likely to become necessary and the MPC will debate this in the coming months.

Carney altered his view from earlier in the month when he chose to maintain status quo and said the time was yet not right to raise rates given the mixed signals on consumption and investment.

Meanwhile, BoE Deputy Governor Jon Cunliffe said that the time was not right for a rate hike as it was better to wait-and-watch how inflation evolves.

For Cunliffe, it was important to consider how much of the overshoot was generated domestically, and how much caused by the fall in the sterling exchange rate.

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