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Bank of England should be on alert for interest rate rise, says MPC member
Falling unemployment and recovering productivity point to rising wage pressure that should put the Bank of England on alert to raise interest rates sooner rather than later, a member of Threadneedle Street's monetary policy committee said. Martin Weale, one of the four independent members of the nine-strong MPC, said it was possible the Bank was underestimating the amount of slack in the labour market and that this would point to borrowing costs rising more rapidly than envisaged in last month's inflation report. But in a balanced assessment of the economy given in a speech in Belfast, Weale said that if wages ... (full story)
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