BoE dove expects rates to rise

David Miles, the most doveish member of the Bank of England’s nine policymakers, has revealed that he expects to vote for an increase in interest rates by May next year. His comments underscore remarks made last week by Mark Carney that rates could rise “sooner than markets currently expect”. Mr Miles’s change in tone appears to confirm that the MPC has turned distinctly more hawkish. He also hints, in an interview with the Times, that the minutes of this month’s rate-setting meeting will show that the MPC is moving closer to ending five years of policy at a record low 0.5%.