21.06.201721:00:00UTC+00BOE Chief Economist Weighs on Interest Rate Hike

Bank of England's chief economist divulged he seriously considered opposing Governor Mark Carney's view and supporting an interest rate hike earlier this month.

Andy Haldane said Wednesday it is sensible to tighten policy before the end of 2017. The BOE's chief economist noted the balance of risks had changed so that the threats of moving too late outmatched those of increasing rates early.

The BOE's June meeting backed leaving rates unchanged. Both Carney and Haldane voted with the majority.

Haldane said he voted against raising rates because there was a proof that deunionization, the gig economy, and increasing self-employment had led to low wage growth than before. Also, the UK election result had caused uncertainty.

He mentioned the first rate hike since the 2008 deep recession should be embraced rather than feared.