In its latest monthly vote, the IEA's Shadow Monetatary Policy Committee voted to raise interest rates.
Four SMPC members voted to raise Bank rate by 0.25% on 11 January, one wanted a 0.5% increase, there were three holds, and one person voted for a cut. One of the holds had a bias to raise rates in February, when a new set of Inflation Report forecasts would be available to the MPC, if a rise had not already occurred by then.
Those members favouring a rise in interest rates were concerned both about high levels of monetary growth and about rising expectations of inflations - as well as increases in the actual level of inflation.
