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Bank of England Monetary Policy Committee Member Andrew Sentance warns again tonight that a failure to raise interest rates gradually risks a larger rate rise further down the road and the loss of the MPC's policy credibility. In a speech to the European Policy Forum here, Sentance says: "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. The lack of a substantive policy response to persistent above-target inflation also enhances the risk of a loss of credibility in the inflation target itself and a loss of belief in the commitment of the MPC to achieving it".
BOE: Bank of England Monetary Policy Committee member Andrew Sentance said he recognized that fiscal tightening would act as a drag on the UK economy but it should not be a "show stopper" for the tightening of monetary policy.
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