October 20, 2015 / 11:44 AM / in 2 years

BoE's McCafferty says he is not isolated among rate-setters

LONDON, Oct 20 (Reuters) - Bank of England policymaker Ian McCafferty, who has been the Bank’s lone rate-setter to support an interest rate rise in recent months, said on Tuesday he was not isolated in the Monetary Policy Committee.

Earlier this month, the central bank voted 8-1 for a third month in a row to keep rates unchanged at a record low of 0.5 percent.

“The differences between individual members of the MPC are those of degree rather than of kind,” McCafferty told Bloomberg Television.

“As the minutes have stated, there are other members of the MPC who are also looking at some of the risks that I have identified and which have caused me to believe that the balance of risks around the inflation outlook is sufficient now to justify a rate rise.”

“Others may not feel they are quite sufficient to justify a rate rise but at the same time they are not completely mindless of these sorts of risks,” he said.

McCafferty said there were clearly greater risks to Britain’s economy than there were in August, when the BoE gave its most recent outlook, but that there was little evidence that these were having an impact on confidence. (Reporting by William Schomberg and Ana Nicolaci da Costa)

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