Former BoE officials warn low rates are feeding imbalances
Marian Bell and John Gieve recommend a hike sooner rather than later
Two former Bank of England (BoE) officials said today (February 2) that the central bank should start raising interest rates soon, as the negative effects of ultra-low rates begin to pile up.
Marian Bell, who sat on the BoE's monetary policy committee between 2002 and 2005, and John Gieve, deputy governor from 2006–09, both saw imbalances growing in the UK economy, although they differed on their reasons for supporting a hike.
Speaking during a panel discussion organised by economics consultancy
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