June 28, 2018 / 3:06 PM / a year ago

BoE's Haldane sees no need for faster rate rises than in May

FILE PHOTO: The Chief Economist of the Bank of England, Andy Haldane, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville

LONDON (Reuters) - Bank of England Chief Economist Andy Haldane said on Thursday he did not anticipate a faster pace of interest rate rises than the central bank had pencilled in at the time of its forecasts last month, despite his unexpected vote for a rate hike last week.

Haldane surprised most economists by joining the minority of the central bank’s Monetary Policy Committee who already backed a rate rise at the MPC’s June policy meeting.

In the text of a speech he gave in London, Haldane said his vote should not have come as a surprise, and told reporters at the event that it did not mean he thought rates needed to rise faster over the longer term than he did in May.

Reporting by David Milliken, editing by Andy Bruce

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