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Saturday, March 28, 2009

Dire Warning: UK Interest Rates to Rocket

INTEREST rates will rocket as the Bank of England battles to keep inflation under control, its chief economist warned yesterday.

Spencer Dale told insurers the Bank would remain focused on inflation, regardless of the pain that would cause millions of home owners as their mortgage payments soared.

Mr Dale, a member of the Bank’s ­Monetary Policy Committee, which sets interest rates, said: “The committee adjusted monetary policy boldly and ­decisively on the way down in order to meet the inflation target. And let me assure you that, when the time comes, we will be prepared to respond with equal vigour on the way back up.”

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