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Sentance: Merv And The Mpc Are "selling Britain By The Pound"

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A furious war of words has broken out on the Bank of England's monetary policy committee, with the hawkish Andrew Sentance accusing Mervyn King and his colleagues of "selling Britain by the pound".

Speaking in London at the Institute for Economic Affairs, Sentance, who has been voting for higher rates since last June, delivered his sharpest criticism yet of the Bank's failure to tackle 4% inflation, in a direct riposte to Mervyn King's wait-and-see approach, laid out in the Bank's inflation report press briefing on Wednesday.

Sentance accused the Bank of being too optimistic about how quickly inflation will fall back to its 2% target, and warned that the longer the MPC delays, the faster it will have to slam on the brakes to prevent inflation running out of control.

Maybe Seantance's warnings are not just a PR exercise after all ...

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