Friday, December 17, 2010
Link from previous article
"As much as we may be tempted to demonstrate to the public or to markets how upset we are about being above target, we have to take the right lesson from our mistakes and try to forecast better in future." He urged his colleagues against tightening policy in response to the "inherently" temporary effects of VAT rising to 20pc next month. Mr Posen's comments appear particularly targeted at his colleague Andrew Sentance, who has repeatedly voted for interest rate rises to rein in inflation and avoid the need for nasty increases further down the line.