‘Print more money to raise rates’
The Bank last month voted to extend its programme of quantitative easing by £50 billion, but Mr Miles and fellow monetary policy committee member Adam Posen backed a £75bn rise.
Speaking to business leaders in Manchester yesterday, Mr Miles said: “Aggressively loosening monetary policy now might bring us closer to the point at which [the] bank rate could be moved back towards a more normal level – and [it] is certainly not at a normal level today.”
The Bank has kept interest rates at a record low of 0.5 per cent for three years, keeping borrowing costs down but frustrating savers.
SCOTT REID