There are many factors for the governor of the Bank of England, Mark Carney, and the rest of the Monetary Policy Committee to consider before they move interest rates upwards. The durability of the recovery, the frothiness of the housing market, the state of the budget deficit, the rate of inflation, and the condition of the world economy will all play a part in the decision.
But one issue might be more important than any other, and has so far been over-looked by the markets: the need to secure the Bank’s reputation for independence and to make sure that it [...]
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