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Business News for 23rd February 2011 :: Explanation time for the Bank

He insists that the MPC has not "lost control of inflation". Every nation can set its own inflation rate, and by squeezing the domestic economy, the Bank could certainly speed up the space at which inflation goes back to 2%. But any sharp rises in the base rate to achieve this would run the risk of stalling a recovery which may already have stalled. If that happened, the Bank could find itself lowering rates again, before the end of the year.

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