Monday, March 2, 2009
Though not this week before we get excited.
Official UK interest rates will need to rise before any economic recovery is felt on the ground to stave off the risks of an inflationary surge, former Bank of England Deputy Governor John Gieve said. "We've got to hold on to the fact that inflation will be kept low," Gieve said in an interview with the Sunday Times. "That will require some very difficult decisions because it will require the Bank to start raising rates before it is obvious on the street that the economy is getting better."