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Bank of England Chief Economist hints of possible interest rate hike

May 21, 2011‐ UK

Spencer Dale, Chief Economist at the Bank of England has hinted that there will be a possible rate hike on bank interest rates and that the public should be mentally prepared for a planned hike in the rates in the next two years.

Dale who is a member one of the nine members who sit in the bank’s monetary policy committee, favoured for an early hike in the rates before things get even more troublesome to manage. The Bank Monetary Policy Committee is responsible for taking decisions related to interest rates.

Economists feel that the inflation will go to 3% by the spring of 2014 and will hurt many borrowers though some signs of relief would come midway.

Speaking on the global economy, Dale said that the growing cost of commodities and faster economic growth, particularly by emerging economies will be continued to be witnessed.

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