Peston attacks calls to lift interest rates
A LABOUR peer and economist said he found it and "enormous embarrassment" that three members of the monetary policy committee (MPC) had voted for a rise in interest rates.
Lord Peston said a rise in rates would strengthen sterling and shift demand away from British markets, a move which would "undermine the government's strategy totally".
At question time in the House of Lords yesterday, the former professor of economics at Queen Mary College said the rules meant the chancellor could not criticise the MPC's decision himself.