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Rates might rise sooner than expected, warns MPC member

Despite a general consensus that an interest rate rise may be further off than previously expected, Kristin Forbes, a member of the Bank of England's Monetary Policy Committee, has said a rise may actually be closer than is widely thought. Ms Forbes believes there is a chance that inflation will pick up faster than people had been expecting in the medium term, which in turn would bring forward a rates rise. She said inflation may overshoot the government target of 2% before the end of 2016. Inflation as measured by the consumer prices index dropped from 1% in November to 0.5% in December.

 

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