MPC's McCafferty: Hike rates or fall 'behind the curve'

Voted for a raise since August

Ian McCafferty, a member of the Bank of England's Monetary Policy Committee, has issued a fresh call for a rate hike citing inflation as a major risk to markets.

McCafferty (pictured) was outvoted 8-1 in the September's rate-setting meeting, as he voted for interest rates to be raised by 25 basis points. UK rates have been maintained at a record low level of 0.5% since March 2009. In a speech in London on Tuesday, McCafferty said he fears underlying inflationary pressures and strong employment growth could mean the Bank falls "behind the curve" if it does not raise rates soon, the Financial Times reports. 'Very Average' Thursday: Industry reacts as rates remain a 2016 story He said: "My primary reason for having voted for a rate increase sin...