LONDON (MNI) – It is not the right time for interest rates in the
U.K. to rise, a senior Bank of England rate setter says Thursday.

In an interview with the Daily Mail, David Miles, an external
Monetary Policy Committee member, says: “We haven’t yet got to the point
at which a tightening in monetary policy is the right thing to do.”

Whilst acknowledging that inflation in the U.K. remains
“uncomfortably” above target, Miles says inflation is likely to fall
back towards target, despite a continued modest pick-up in growth.

“My own assessment of the most likely outcome is actually growth in
the economy continues and perhaps picks up a bit from here, and
inflation moves back towards the target level,” Miles told the paper

“And if that is the way things play out, it is much less likely
there would be a need for a further easing in monetary policy,” he

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