Haldane Joins BOE Hawks, Raising Chance of Summer Rate Hike
- Chief economist dissents for first time in his MPC tenure
- Bank also lowers interest rate for reduction in QE stock
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Bank of England Chief Economist Andy Haldane unexpectedly threw his support behind an immediate interest-rate increase, defying the majority of policy makers who voted to keep the rate unchanged.
The pound rose on the news of a unexpected 6-3 split on the Monetary Policy Committee, with Haldane joining Ian McCafferty and Michael Saunders in calling for a quarter-point hike. It’s first time Haldane has dissented since joining the panel in 2014.