Bank of England Governor Mark Carney said there is no set timetable for interest rate hike, but only has an expected direction of travel.

Since last summer, progress has been insufficient along these dimensions to warrant a tightening of monetary policy, Carney said in a speech in London on Tuesday.

He noted that the UK growth has slowed and inflation weakened due to the oil price collapse. He expects inflation to remain very low for longer.

“Recent developments suggest that the firming in inflationary pressure we had expected will take longer to materialise,” Carney said.

“The journey to monetary policy normalisation is still young,” he added.

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