Mark Carney, Governor of BoE, has previously said the Bank will not consider raising interest rates until the jobless rate falls to 7% or below. The Banks forecasts a 40% chance that this unemployment figure would be reached in 2014, and a 30% chance that it would be after 2016. The current low level of rates is necessary to sustain the economic recovery for a while yet, and Paul Fisher, Executive Director for Markets for the BoE, says a 4% - 5% range would be more normal rates in future.
Posted on: Thu, 14 Nov 2013 17:49:27 +0000
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