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BOE Declares Rate Rises Depend on Economy

A Bank of England policy maker said a hike in interest rates in Britain will depend on how the economy performs over the summer and autumn, the Guardian reported.

“Were we to have to go early – and that will depend on how the economy performs over the summer and autumn – I think it would have been damaging if it was portrayed as a surprise. It appeared the markets were more certain of the date of lift-off [for rates] than we were,” Ian McCafferty – a member of the Monetary Policy Committee – told the British newspaper in an interview.

McCafferty said unemployment was significantly higher than its medium-term natural level but added that the economy had come a long way in the last 12 to 18 months and that GDP was now coming back to the level of 2008.

Reuters [1]

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