CARDIFF — The Bank of England should not keep interest rates at their record low as an insurance policy against the risk of a "bumpy Brexit" and it needs to start raising borrowing costs now, BoE policymaker Michael Saunders said. "We do not need to be putting the brakes on so much that the economy weakens sharply," he told an audience in Cardiff. "But, our foot no longer needs to be quite so firmly on the accelerator in my view." Britain's economy has shown one of the weakest growth rates in the Group of Seven nations so far this year as the fall in the value of the pound pinched the spending power of consumers. Advertisement Continue reading the main storyBut at the same time the Brexit hit to sterling has pushed up inflation above the BoE's 2 percent target, leading to the split among the central bank's rate-setters.

Source: New York Times August 31, 2017 07:49 UTC