MPC members do themselves little credit, as withdrawing the only stimulant that still works at this time would be negligent
Michael Saunders surprised many when he voted in June for the Bank of England to increase interest rates.
The former Citigroup economist, who joined the Bank’s nine-strong monetary policy committee (MPC) last year as one of the four external members, warned that the UK economy was performing well enough for inflation to become a challenge. The response, he said, should be a modest rise in the cost of borrowing for businesses and households.