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LONDON – Bank of England policymaker Alan Taylor said interest rates at their current level were restrictive for the economy and he did not see the need for an increase to tackle inflationary pressures that have grown as a result of the Iran war.
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“I feel comfortable where we are unless we get the worst-case scenario,” Taylor said in an interview with Sky News broadcast on Monday. “But I really want to get that sense that this is moving behind us.”
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Taylor was one of the strongest advocates on the BoE’s Monetary Policy Committee for rate cuts before the U.S. and Israeli war with Iran began. He and a majority of MPC members have voted since then to keep borrowing costs on hold.
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(Writing by William Schomberg; Editing by Tom Hogue)
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