David Miles, one of the nine members of the Bank’s Monetary Policy Committee (MPC), has written an opinion piece in the UK Telegraph:
It now seems to me much more likely that a normalisation of monetary policy starting at some point in my remaining year on the MPC will become appropriate.
- Having Bank Rate at 0.5pc is obviously not a normal or sustainable setting for monetary policy
- Until fairly recently we have not had any sort of sustained recovery from that. Now we have one.
- the process of normalising interest rates, when it starts, looks to me likely to be one taken because of the resilience of the recovery rather than because of a need to react to excessively high inflation. This is more a case of scaling back the emergency medicine as the patient begins their recovery, rather than invasive surgery to deal with a sudden, life-threatening illness.
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and more here
Bloomberg have headlined Miles’ op-ed
