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Rise In Interest Rates “Still Some Way Off”


A senior figure from the Bank of England has stated that the bank is in no hurry to raise interest rates, despite unemployment falling to 7.1%.

The bank of England did state that it would consider increasing interest rates from it’s current historic low of 0.5% when unemployment fell to 7%, however, this wasn’t predicted until 2016, so the bank are in no rush to tighten policies.

Paul Fisher, of the Banks Monetary Committee (MPC) argued that there was no pressure on the bank to make such a move, especially as inflation has returned to the banks target of 2%, adding that there is still room for the economy to grow before increasing interest.

Fisher also stated: "We are still some way off the point where it is appropriate to start raising bank rate and that when it is time, it would be appropriate to do so only gradually.”

However, despite the Banks insistence that they are in no rush to act on interest rates, some, such as Sir John Grieve, former deputy governor of the Bank of England are still speculating that a change may be implemented before the year ends, assuming that the economy continued the recent trend of increasing strength.

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