Bank policymaker urges rate rise 'sooner rather than later'

The chance of a rate rise this year has moved a step closer after one of the Bank of England's policymakers said a rise in the cost of borrowing should happen "sooner rather than later".

Monetary policy committee (MPC) member Martin Weale said leaving rates on hold for too long would mean the committee might have to tighten more aggressively, something the Bank - and MPs - want to avoid.   "If you want to have baby steps you do have to start sooner," he told the Financial Times. "The question is: how close are we getting to 'soon'? Of course we can never be sure, but the economy ...