Bank of England governor hints at interest rate rise
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The Bank of England governor has hinted that interest rates could rise as early as November.
Mark Carney said this morning if the economy continues at its current pace, the Bank of England could raise interest rates for the first time in a decade.
The Bank will make a decision at its next monthly interest rate review on November 2nd.
Mr Carney told Radio 4’s Today programme: “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”.
When asked if that meant a rise at the November meeting, Mr Carney replied:
“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.”
The interest rate is currently 0.25% and financial experts expect the Bank of England to make an increase to 0.5% in November.
Mr Carney also said the Bank is doing “everything we can to make it work” amid concerns about Brexit.
