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- Bank of England's Monetary Policy Committee member Ian McCafferty: there is no urgency to raise interest rates in the U.K. as wage growth slowed
Bank of England's Monetary Policy Committee member Ian McCafferty: there is no urgency to raise interest rates in the U.K. as wage growth slowed
The Bank of England's (BoE) Monetary Policy Committee (MPC) member Ian McCafferty said in an interview with The Wall Street Journal on Monday that there is no urgency to raise interest rates in the U.K. as wage growth slowed.
"I think an immediate rate rise isn't as necessary as I had felt last autumn," he said.
All MPC members voted this month to keep the central bank's monetary policy unchanged. Ian McCafferty, who voted to hike interest rate by 0.25% since August 2015, changed his mind.
McCafferty noted that the U.K. economy is still healthy, while he expected consumer spending to grow solidly.
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