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BoE's Ramsden sees case to raise rates sooner than he thought

Sunday, Feb 25 2018
BoE's Ramsden sees case to raise rates sooner than he thought

The Bank of England might need to raise British interest rates somewhat sooner than Deputy Governor Dave Ramsden had expected if wage growth picks up early this year, according to a newspaper interview released on Saturday. Ramsden was one of two policymakers who opposed the BoE’s decision in November to raise interest rates for the first time in a decade, but appears to have shifted his stance somewhat in comments published by the Sunday Times newspaper.

Earlier this month the central bank said interest rates might need to rise somewhat sooner and by somewhat more over the next three years than policymakers had expected in November, due to a strong global economy and signs wages are rising faster. “We all will keep a close eye on what happens through the early part of this year to see if that (BoE) forecast of wage growth picking up to 3 percent is realised,” Ramsden was quoted as saying by the Sunday Times.

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