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Despite a succession of rate hikes in the Euroland economies, the Bank of England's Monetary Policy ...

Despite a succession of rate hikes in the Euroland economies, the Bank of England's Monetary Policy Committee (MPC) has felt able to leave rates unchanged for eight consecutive months. How can this be when the European Central Bank has recently been raising them? One reason is the euro continues to sag; another is the MPC grasped the nettle in good time, first raising rates late in 1999. The result is the UK economy has been growing healthily, with inflation firmly under control. We still believe UK base rates are likely to peak at, or close to, 6%. The UK lies further down the economi...

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