Arch-hawk Sentance delivers parting shot on rates

Andrew Sentance has warned against any further delay in raising rates in his last speech as a member of the Bank of England's Monetary Policy Committee.

The arch-hawk - who has been voting for a half-point rise since February - said colleagues were wrong to view rising commodity prices as a one-off shock, the BBC reports. Speaking to the Jersey chamber of commerce on Wednesday, he said recent high inflation could become embedded in wage-setting. This in turn could damage the Bank's credibility and harm the recovery. He explained the rising cost of oil, metals, foods and cotton as part of the shift in the global economy away from the West and towards the Asia Pacific region. "The tendency so far in many countries, including the UK, ...