MPC member says investors should prepare for UK rate rise

Weale (pictured), one of the MPC's most hawkish members who has sat on the committee since 2010, said the Bank needs to respond to rising wages and low unemployment, regardless of low oil prices. He previously voted for a rate rise late last year alongside fellow member Ian McCafferty, but has reversed his stance since then as oil prices fell sharply, which he said gave the MPC "breathing space". Further reading: Investors should resist interest rate 'doom-mongering' - adviser Speaking to the Financial Times, Weale said: "If you had asked me last autumn how rapidly I thought wages m...