He left with a warning. “I think that there is a big risk emerging to the
credibility of the Bank,” said Andrew Sentance
last night, on his final day as a member of the Monetary Policy Committee. And he continued, “If inflation does not come down in the way that the Bank is suggesting — and I think
there is a big risk that is the case — then that is going to have a big knock on effect on the credibility of the bank’s commitment to its inflation target.”
Sentance’s views are unsurprising. He has, after all, been pushing for an interest rate hike for some time, and for the reason he outlined last night: “what I find difficult to see is a Monetary Policy Committee not responding at all when inflation is so much above target and the economy has turned round so far from the situation we were in a couple of years ago when we brought interest rates down to half a percent.”
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in