UK on track for rate hike in 'relatively near term': BOE's Carney

29.09.2017 / 15:40

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Bank of England Governor Mark Carney said Friday that Britain's economy was on track for the central bank to start raising record-low interest rates in the "relatively near term."

"What we have said, that if the economy continues on the track that it's been on, and all indications are that it is, in the relatively near term we can expect that interest rates would increase somewhat," Carney told.

The British central bank surprised markets just over two weeks ago when it said most of its policymakers thought the first rate hike in more than a decade would be needed "in the coming months," if inflation pressure continued to build.

Carney has previously said he was one of those policymakers.

But the BoE thinks that Britain's departure from the European Union is likely to mean the economy will not be able grow as fast as before without pushing up inflation as the number of migrant workers coming to the country slows.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev

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UK on track for rate hike in 'relatively near term': BOE's Carney

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