FXStreet (Mumbai) - In a speech at Bloomberg LP in Londonon Tuesday, the Bank of England (BOE) policymaker stated that the central bank needs to start raising rates sooner to ensure gradual normalization of the monetary policy. Key Quotes: "The headwind of tight credit conditions for the business sector has diminished markedly since the immediate aftermath of the financial crisis." "If we on the MPC are to achieve our ambition of raising rates only gradually, so as to minimize the disruption to households and businesses of a normalization of policy after a long period in which interest rates have been at historic lows, we need to avoid getting behind the curve." "The likely prospective increase in domestic costs was sufficient to justify an immediate increase in Bank Rate." "An immediate start to policy normalization would facilitate a more gradual path for policy tightening over time, a desirable policy aim in itself." For more information, read our latest forex news.