Decline in oil prices means there should be no hurry to raise borrowing costs, says monetary policy committee spokesman
Bank of England policymaker David Miles has argued that low inflation means there is no great urgency in returning interest rates to normal levels from their record low of 0.5%.
In a speech to the University of Edinburgh Business School, Miles, who is an independent member of the Bank’s monetary policy committee, said lower-than-expected inflation, driven by the rapid decline in oil prices over recent months, meant the committee should be in no hurry to raise borrowing costs.