Bank of England policy-makers are struggling to decide between caution in raising rates and acting harder and faster, as models point one way and risks the other.

Members of the monetary policy committee appeared before the UK parliament’s Treasury Committee today (September 7) to justify their thinking on policy.

Most MPC members seem to be leaning in the direction of greater aggression, espoused by Catherine Mann, who has consistently voted for larger, 50bp rate hikes in recent meetings