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Bank of England Monetary Policy Committee member Silvana Tenero said Tuesday and said: -
- The current high level of interest rates may need an early and faster reversal to avoid significant inflation.
- As the bank rate moves further towards restricted territory, I think a more flexible attitude is needed to meet the inflation target.
- A more flexible position can be achieved through a lower bank interest rate today or in the future.
- We expect that with the current high level of the bank's rate, that will require an early and faster reversal.
- In the absence of more shocks # inflation is likely to fall below target.
It is worth noting that Silvana is one of the two members who voted at the last two Bank of England meetings to stabilise the interest rate rather than raise it.
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