June 29, 2017 / 6:30 PM / 22 days ago

BoE's Haldane says interest rates policy should be set to prevent entrenched inflation

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FILE PHOTO: A bus passes the Bank of England in the City of London, Britain, February 14, 2017.Hannah McKay/Files

LONDON (Reuters) - Bank of England chief economist Andy Haldane said on Thursday that interest rates need to be set in a way which minimises the risk of persistently high inflation.

"First and foremost we need to set our interest rate policy to prevent those higher inflation rates becoming entrenched," Haldane told the Guardian newspaper during a visit to Wales.

Last week Haldane surprised financial markets by saying he was likely to vote for an interest rate hike this year.

Reporting By Andrew MacAskill; Editing by Alistair Smout

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