SENTANCE SAYS BANK MUST UP RATES

BANK of England policymaker Andrew Sentance yesterday said factors pushing up inflation cannot be dismissed as “one off” influences, as the Bank risks losing credibility if it fails to respond. He said: “If we do not start to raise UK interest rates gradually soon, we risk having to do so more aggressively in the future -- which could create a big shock to business and consumer confidence further down the track.”