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Financial News: Haldane Says Sharp Rise In Rate Hike Expectations

Haldane Says Sharp Rise In Rate Hike Expectations Will Tighten Credit Conditions

02/21/2017 - 06:20:00 (RTTNews)

(RTTNews) - A sharp rise in market interest rates, in expectation of the bank rate being raised in the near future, would tighten credit conditions and potentially hit both consumer spending and business spending, Andrew Haldane, Bank of England's chief economist said Tuesday.

"In the current fragile environment, however, I would be concerned if there were to be too sharp a rise in market interest rates, in expectation of Bank Rate being raised in the near future," he told the Treasury Select Committee.

"This would tighten credit conditions and potentially hit both consumer spending (at just the point it was being affected by lower household income) and business spending," Haldane added.

"That triple-whammy could cause a sharper slowing in the UK economy than I believe would be desirable from a monetary policy perspective," said Haldane.

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