A LEADING Scottish economist has expressed surprise and disappointment over the decision of two members of the Bank of Minutes of the MPC's
This is the first split vote on rates from the MPC since
The Bank of
Data from the ONS on Tuesday showed annual
MPC members were not aware of this fall in inflation at the time of the
Although citing a belief that
Citing a lack of evidence of broadly-based
Asked for his view on how things would pan out on the MPC from here,
He voiced concerns that the two votes for a rise in rates could, by heightening market expectations of an early increase in borrowing costs, boost sterling and thus hamper
Scottish Chambers of Commerce also believes it is not yet time for a rise in rates.
He added: "The primary purpose of monetary policy is to control inflation and, with inflation well within the Government target of two per cent, current interest rates are achieving this goal. Whilst our economy is growing, there are few signs of overheating outside of the
He added: "Economic indicators since the decision was made ought to have reduced the likelihood of an early change in policy. We do recognise that interest rates will have to rise at some point and businesses need to prepare themselves for that eventuality, but the question is when. The sensible answer, we believe, is 'not yet'."
A LEADING Scottish economist has expressed surprise and disappointment over the decision of two members of the Bank of
Minutes of the MPC's