Interest rates may have to rise to 2% or higher in the next year to rein in rocketing inflation and it is better to take aggressive action now than “too little too late”, according to a Bank of England policymaker.
Outgoing Monetary Policy Committee (MPC) member Michael Saunders – who has been recently outvoted in calling for a bigger hike in rates – said increases “still have some way to go” in order to get inflation under control.
