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Where do we go from here, Mr King?(Mervyn King of Bank of England)(Inflation Report)

Financial Adviser, August, 2006

The MPC's decision at its August meeting to raise the base rate by 25 basis points to 4.75 per cent came as something of a surprise to money markets, the stock market and to most commentators -" Oracle included.

The surprise was not so much the fact that rates were raised so much as the timing of the move. The general expectation was that the MPC would not change rates until later in the year. So why did they choose to bring forward the timing of this change?

The latest quarterly Inflation Report published by the Bank of England provides most of the answers to this question.

As the Governor of the Bank, Mervyn King, states in his opening remarks "against a background of firm growth and limited spare capacity, and with inflation likely to...

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