Bank of England's Dhingra: Further rate hikes 'pose material risk'

Swati Dhingra

Bank of England monetary policy committee member Swati Dhingra has called for a stop to additional rate hikes, as they could have a damaging effect in the medium term.

In her speech given at the Resolution Foundation, Dhingra argued that monetary policy usually takes around a year to affect inflation. And with interest rates having already risen by 390 basis points since December 2021, she is urging a halt to further increases. In the last two monetary policy committee meetings, Dhingra voted against hiking rates. In fact, she was in favour of keeping the Bank rate at 3% in December 2022, and at 3.5% in February 2023, her voting record shows. Bank of England's Catherine Mann: Dovish pivot is not close "Overall, the evidence does not point to pers...