Hawkish former Bank of England rate-setters warned that interest rates will need to soar as high as 6% to stamp out inflation, a level the central bank has identified as painful for households and businesses.
Willem Buiter, Andrew Sentance and DeAnne Julius, each of whom previously served on the BOE’s Monetary Policy Committee, and have for months voiced alarm about rising prices, said the UK central bank will need to press ahead with more hikes through the summer.
Read More : Former BOE hawks predict UK interest rates to reach the “pain level” of 6%