Bank split over interest rates

Tim Wallace
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INTEREST rates should stay low for the forseeable future, the Bank of England’s deputy governor Sir Jon Cunliffe said last night.

Taking on members of the mon­etary policy committee who backed a hike, Cunliffe said: “With the scope for tightening monetary policy subs­tantial, but the scope for loosening it much more limited, the risk of a surprising pick-up in in­fla­tionary pressure may be more manageable than the risk of the ex­pansion stalling and inflation falling further.”