Bank of England base rate set to stay low
The Bank of England base rate is set to stay on hold for quite some time, according to Bank of England governor Mark Carney.
Some economists thought the recent strength of the UK's growth may have increased the chance of a quick rate rise, particularly with the improving unemployment figures, but the Bank of England still feel borrowers need time to sure up their finances.
Mr Carney explained that we are closer to the point where interest rates will need to increase, although he says: “Interest rates are likely to remain low relative to historic levels for quite some time. The exact timing of the first adjustment of bank rate will be a product of the evolution of the economy and today is not the day.”
May 16, 2014
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