Only way is up for rates now, economists tell Bank officials

The Bank of England should raise interest rates tomorrow despite weak economic data recently, according to The Times’ shadow policy committee. Six of the panel’s nine members called for an immediate quarter-point rate rise to 0.75% and two said that the Bank should start winding down quantitative easing. Several members also took issue with the Bank’s confused guidance since the turn of the year. It first suggested that rates would rise this month and then that policy would be held, causing wild gyrations in the value of sterling. Click here for the full Times article (£)