Bank of England advised refraining from interest rate rise
Shadow Monetary Policy Committee quoted in the Independent
Shadow Monetary Policy Committee quoted by the BBC
The BBC wrote:
“Free market think tank the Institute of Economic Affairs (IEA) said the Bank should wait for previous interest rate rises to take effect before raising rates further.
”It will take some time for previous rate rises and falling global commodity prices to feed into lower inflation.
“’Further rate rises are unnecessary and could do some economic damage without lowering inflation any faster. The UK economy is on the precipice of a sharper slowdown,’ said Trevor Williams, a member of IEA and former chief economist at Lloyds Bank.”
You can read the full article here.
The SMPC’s full meeting minutes can be read here.