MPC 'dove' Miles calls for rate rise before May 2015

Monetary Policy Committee member David Miles has outlined his desire for a rate rise before his exit in May 2015.

Miles, who has sat on the committee since 2009, has been one of the most dovish members when it comes to interest rates, never once voting for a rise since joining the MPC. He has previously warned an early rate rise would constrain growth. However, in his latest comments to the Telegraph, he said the economic recovery in the UK was 'resilient' and 'sustainable', meaning it is now time for rates to start rising. "Having Bank Rate at 0.5pc 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 in t...