Interest rates must move up swiftly to counter inflation which could hit 5% in the next few months, argues Martin Weale, the newest member of the Monetary Policy Committee (MPC).
Weale, one of the two economists to call for a 0.5% rate rise in January alongside Andrew Sentence, voted for the move which he said would stop inflation rising above its current 3.7% level.
Weale and Sentence believe consistently high inflation could encourage demands for higher wages.
