BoE policy maker expects to vote for interest rate hike by May - reportTuesday 17 June 2014 08.28
One of the Bank of England's most dovish policymakers, David Miles, has said that he expects to vote for a hike in interest rates by May, The Times of London reported today.
Miles, who is currently in his second term as a member of the Monetary Policy Committee, signalled that he would vote for an increase before his term ends in 11 months' time, the British newspaper said.
Miles also hinted that the minutes of this month's rate-setting meeting could show that the committee - which sets interest rates - was moving closer to ending five years of policy with rates at a record low 0.5%.
Miles - who has never voted to change interest rates in his time as member of the MPC - said the speed of the recovery had forced a change of mind.
"Consistently, growth has come in stronger than expected," the newspaper quoted him as saying.
Bank of England Governor Mark Carney signalled last week that Britain could become the first major economy to tighten monetary policy since the 2008 financial crisis.
Carney had said that the hike "could happen sooner than markets currently expect."