The Bank of England should raise interest rates more aggressively to shore up the weak pound, according to one of the central bank’s policymakers, who warned that sterling’s depreciation was fuelling inflation from higher import costs.
In a hard-hitting speech, Catherine Mann said the nine-strong monetary policy committee (MPC), which she joined last year, was in danger of falling behind rival central banks that were taking a more energetic approach to tackling inflationary pressures.
