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Andrew Sentence still pushing for rate rise

Andrew Sentence, one of the members of the Bank of England's MPC, is still pushing for a rise in UK base rates amid signs that inflation now has "a mind of its own". This is a situation which has been formulating for some time but it is one which Mervyn King, the governor of the Bank of England, has effectively ignored as a secondary issue behind the UK economic recovery.

However Andrew Sentence has gone public on numerous occasions regarding his concerns about the UK economy and the fact that inflation could well store up more problems in the short to medium term. This is an issue which has divided many analysts, even though the MPC voted 8 to 1 in favour of retaining base rates of 0.5%, although many believe we may see more movement in the short medium term from other members of the MPC.

The MPC has very much been caught in a pincer movement with concerns about inflation leading to a potential rise in interest rates while reduced budget spending by the UK government and tax increases appear to support a reduction, or at the very least, the retention of base rates at 0.5%. Who will win this battle in the end?

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