BOE’s Dhingra Says Gradual Rate Cuts Would Be a Drag on Economy

Bank of England policymaker Swati Dhingra has elaborated on her decision to call for interest rates to be slashed, saying taking a “gradual” approach would still leave monetary policy as a drag on the economy this year.

In her first public comments since she and Catherine Mann voted for a half-point rate cut on Feb. 6, Dhingra said consumer spending was likely to remain weak and inflationary pressures subdued.