Interest rate rises back on the agenda?

It would appear that interest rate rises are firmly back on the agenda following the Bank of England's decision to down-grade the UK's growth forecast for the next twelve months. Coupled with the latest projection for the likely path of inflation over the next twelve months, with some predicting that the CPI could reach 5.0% some time this year, this paints a pretty gloomy picture for many in the public sector still reeling from cuts in public expenditure, pay freezes and uncertainty over pensions. Surely the worry for the policy makers has to be that the embryonic growth that was experienced during the first three months of the year could easily be all but killed-off by any contractionary monetary policy. Despite some reports of increased consumer spending on the back of the Royal Wedding and the inevitable feel-good factor that the event generated, major retailers such as Dixons are still feeling the pinch at a difficult time. Is this really the time to run the risk of squeezing growth out of the economy when predictions are that the cost-push element of the spectre of inflation driven by commodity prices appears to be receding? What do you think?