UK interest rate rises - waiting for lift-off

To gauge how high interest rates will go, and how fast, we need to understand how fiscal and monetary policy interact, writes Gavin Kelly

With prominent members of the Bank of England's monetary policy committee (MPC) - not least the governor - lining up in recent weeks to talk up the prospect of rate rises at some point in the coming months, this week's meeting has already sparked another burst of speculation about when the first hike in eight years will happen.

Whatever your take on the exact timings of monetary lift-off - whether you'd opt for August or April - the far more important issue is the medium-term path of increases that follow.