I had initial comments from outgoing Bank of England deputy governor Charlie Bean in the UK Sunday Times newspaper over the weekend – here: Bank of England deputy governor Bean says higher interest rates should be welcomed
The Sunday Times is article gated, but a few more pertinent comments from Bean:
- On the the first hike, Bean says it “will be a symbolic step, because it will be an indication that we are on the road back to normality”
- “I would welcome us getting back on the path of normalisation, as a demonstration that the economy is healing. Frankly, having interest rates at an emergency level for a very long time is not a situation one wants to be in”
- Bean is leaving the Bank of England at the end of June. He defended the introduction of forward guidance based on the unemployment rate, he said that what was “unfortunate was that some of the communication focused on dates, rather than unemployment itself”
