Bank of England's Greene says IMF forecasts show UK monetary policy not very restrictive

Bank of England policymaker Megan Greene said on Tuesday that the IMF raising its growth projection for the UK this year supports her view that the central bank's rates are not particularly tight, according to Business Recorder. Speaking at the IMF annual meeting in Bangkok, she said the current stance is far from restrictive. Greene belongs to the minority on the Monetary Policy Committee that has backed higher rates.

She argued that holding rates unchanged for too long carries greater danger than the cost of raising them too early. She made the remarks to the Atlantic Council think tank. She tied the upgraded growth forecast to the level of restriction in monetary policy, adding that she does not believe the UK is very restrictive.