Wednesday, May 25, 2011
King is a Joker.
The west's leading economic thinktank warned the Bank of England on Wednesday that it would have to start raising interest rates this year to prevent inflation taking hold in the UK. In a downbeat assessment of the prospects for the economy, the Paris-based OECD said Threadneedle Street would have to steadily increase borrowing costs over the next 18 months despite the weakness of growth. And it said a full-break up of Britain's banks should remain an option even though the Independent Commission on Banking set up by the coalition has so far backed only more limited reform of the financial system.