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The Bank of England's (BoE) Monetary Policy Committee Member Ian McCafferty said at Bloomberg LP on Tuesday that the central bank should start raising its interest rates if it wants to gradually hike its interest rates later.
"If we on the MPC are to achieve our ambition of raising rates only gradually, so as to minimize the disruption to households and businesses of a normalization of policy after a long period in which interest rates have been at historic lows, we need to avoid getting behind the curve," he said.
McCafferty was only one member who voted to hike interest rate by 0.25% in October.
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