This week the Bank of England Monetary Policy Committee decided not to raise interest rates, voting seven to two to hold its benchmark rate at 0.1 per cent. This is despite the Bank lifting its forecast for inflation in its latest report.

What does rising inflation mean for households across the UK? What does the banks decision on rates mean for the economy? And what could the future hold for monetary policy?

IEA Communications and Marketing Assistant, Kieran Neild Ali, sat down with Julian Jessop, IEA Economics Fellow. 

 

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