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New BOE Policy Maker Prefers Gradual Approach to Rate Rises

  • Weak consumer confidence data has changed her thinking
  • Dhingra to replace arch-hawk Michael Saunders on committee
The Bank of England in the City of London.
The Bank of England in the City of London.Photographer: Hollie Adams/Bloomberg
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The Bank of England’s newest policy maker said she would have voted for a half point increase at this month’s meeting until the latest consumer confidence data persuaded her otherwise.

In testimony to Parliament at her pre-appointment hearing, Swati Dhingra said she would have been at “the higher side” of the range of votes this month, when the committee decided to raise rates by a quarter point to 1.25%. Three members voted for a half point rise.