The Bank of England is getting nearer to raising interest rates, but the exact date will depend on economic data, Governor Mark Carney said in a speech on Thursday.
Carney stuck close to previous remarks on monetary policy in his address to actuaries, much of which focused on the BoE’s plans for further regulating insurers. Britain’s economic outlook was much improved, and a rate rise was only a matter of time, Carney said.
“The point at which interest rates … begin to normalise is getting closer,” he said. “In recent months the judgement about precisely when to raise Bank Rate has become more balanced. While there is always uncertainty about the future, you can expect interest rates to begin to increase.”