Extract . . .
The Bank of England’s monetary policy committee has again failed to raise interest rates. It now faces a genuine problem of credibility. Inflation has reached 3.7 per cent. It will go above 4 per cent when the recent value added tax increase is included. Inflation expectations are now rising. The Bank has resolutely refused to put up rates, because it regards the causes as beyond its control. But this approach has more than run its course, and raising rates should be put off no longer.
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