March snowfall won't chill UK economy, Bank policymaker says

Michael Saunders, a member of monetary policy committee, says rates should move up from 0.5%

Fears of a slowdown triggered by heavy snowfall have been overblown, according to a Bank of England policymaker, who has said the UK economy could withstand interest rates reaching as high as 2% within the next few years.

Michael Saunders, a member of the monetary policy committee, said the Bank should move to raise interest rates from the current level of 0.5%.

Related: What would a base rate rise to 2% mean for your mortgage?