Bank rules out interest rate hike for time being
Bank of England Governor Mark Carney has said that now is not the time for an interest rate hike while wages continue to stagnate and the impact of Brexit on the economy is unclear.
Speaking after three Bank policymakers called for a rate rise amid fears that Brexit-fuelled inflation is set to surge, Mr Carney said "now is not yet the time to begin that adjustment".
Delivering his Mansion House speech, Mr Carney said: "Different members of the Monetary Policy Committee will understandably have different views about the outlook and therefore on the potential timing of any Bank rate increase.
"From my perspective, given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment."