Bank of England Governor Mark Carney said on Tuesday that the interest rate hike is moving closer.
At the Treasury Select Committee hearing, Carney said the point at which interest rates may begin to rise is moving closer. It is counter-balanced somewhat by disinflation, he said.
There would inevitably be “shocks and adjustments,” he cautioned. He reiterated that the increase in rates would be limited and gradual.
Data today showed that British inflation returned to zero in June as food and clothing costs declined from last year.
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