'UK interest rates need to rise faster': Economists

UK interest rates must rise at a faster rate than currently forecast if oil prices stay permanently above $42 a barrel, research showed today.

Wed, 08 Sep, 2004 - 15:56

UK interest rates must rise at a faster rate than currently forecast if oil prices stay permanently above $42 a barrel, research showed today.

The Bank of England would have no option but to tighten monetary policy to keep inflation under control, according to the National Institute of Economic & Social Research (NIESR).

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