... online at www.bankofengland.co.uk/publications/speeches Why the Bank Rate should increase now Speech given by Martin Weale, External Member of the Monetary Policy Committee, Bank of England ... the date of Easter. As you know, I first voted for a rise in Bank Rate at the January meeting and today I would like to consider the continuing case for an early increase in Bank Rate. The ... expectation that the MPC would be likely to hold the interest rate constant over the next two years, then the exchange rate would fall further than is assumed in the constant rate forecast. In...