UK interest rates already higher than needed, says BoE policymaker

UK interest rates are already higher than they need to be to bring inflation back to its target level, a Bank of England policymaker argued on Friday.

Silvana Tenreyro, an external member of the BoE’s Monetary Policy Committee, told a conference in London that “policy was already in restrictive territory” before the November MPC meeting, when the majority of members voted to raise interest rates by 0.75 percentage points to 3 per…