Andrew Bailey, the governor of the Bank of England, has provided the most ominous signal yet that UK interest rates could rise imminently.
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The current economic and monetary environments are very different to the 1970s, not least because both public sector and household debt have mushroomed.
If Hunt had wanted to stick to his original plans for tax receipts, he would have needed to cut taxes by £50bn, not £11bn.
Taking monetary policy out of politicians’ hands was the right move. But the framework in which the bank operates can still be improved.
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