At last, we have an indication that there is someone on the MPC who is beginning to understand the inflationary threat. MPC member Timothy Besley said price pressures warranted a "mildly restrictive" monetary policy, such that the level of interest rates bears down on the economy.
He also said that "We've found in the past that once inflation gets significantly out of control, it's extremely difficult to bring it back." If is, of course, pointing out the blindingly obvious, but nevertheless, it is good to hear it.
With the inflationary threat rising, the UK needs a couple of healthy interest rate hikes. What about a 50 basis point hike at the next MPC meeting. Go on, Tim, you know it is the right thing.