Monetary Policy Committee members struck contrasting notes when addressing parliament’s Treasury Committee on the risks posed by an inflation rate that hit a 41-year high of 11.1% in October before falling to 10.5% in December – still more than five times the BoE’s 2% target.
Jonathan Haskel, an external MPC member, told the committee he remained ready to “act forcefully” against persistent inflation, a phrase dropped by the majority of his colleagues last week.
At the other end of the debate, Silvana Tenreyro – who voted against half-point hikes last week and in December – said interest rates were already too high and that she might consider voting for a cut in future meetings.
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