July 3, 2018 / 10:02 AM / in 3 months

UK rates might need to go up faster than markets think - Bank of England's Saunders

LONDON (Reuters) - Bank of England policymaker Michael Saunders said interest rates in Britain might have to go up more quickly than expected by financial markets, which are pricing in little more than one hike over the next 12 months, broadcaster CNBC said.

FILE PHOTO: The Bank of England is seen in London, Britain, April 9, 2018. REUTERS/Hannah McKay/File Photo

“If the economy plays out as I expect, it may be that rates need to go up a little faster than that,” CNBC quoted Saunders as saying in an interview.

Saunders was one of three members of the BoE’s nine-strong Monetary Policy Committee who voted for a rate increase at the central bank’s June meeting.

Writing by William Schomberg; editing by John Stonestreet

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