No need to change rates, says Weale

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The Independent Online

Martin Weale, a member of the Bank of England's Monetary Policy Committee, said yesterday that there was "no compelling reason" to change interest rate policy given uncertainty about the level of slack in the economy set against persistently high levels of inflation.

His dovish MPC colleague, Adam Posen, has called for an extension of the £200bn quantitative easing programme to stimulate growth, but the hawkish Andrew Sentance has voted for a rise in interest rates from the current 0.5 per cent. Mr Weale took the middle course.