Interest rates in the UK have been at a record low of 0.5% since March 2009, and the arguments for raising rates are gathering momentum. With inflation at double the Bank of England's target, and likely to stay there for some time, many think the Bank should increase rates sooner rather than later in order to combat rising prices, which are eroding consumers' spending power. But others say it is still too soon and the Bank's Monetary Policy Committee (MPC) should hold off, for fear of jeopardising the UK's fragile economic recovery, particularly in light of the economy's 0.5% contraction in the final three months of ... (full story)