Rates need to go up, says Bank 'dove' David Miles

David Miles, one of the nine members of the Bank's Monetary Policy Committee (MPC) that sets interest rates, described the recovery as "resilient", ""firm" and "sustainable", and said it was increasingly likely he would vote to raise rates from a record low of 0.5% before leaving the committee next May, the Telegraph reports. Miles said increases which stemmed from firmer UK growth was "good news" for the economy. "Having Bank Rate at 0.5% is obviously not a normal or sustainable setting for monetary policy," he said. "We have had such low rates because the economy took a huge hit ...