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BOE governor hints rates may rise sooner than expected

16 Jun 2014

Mark Carney, the Governor of the Bank of England said on Friday that the first rise in UK interest rates from its historic low may come sooner than the markets expect.

However, it is hoped by analysts and economists that 'getting ahead of the interest rate curve' would mean that interest rates would be more likely to peak at a rate lower than the historical 'neutral' rate - perhaps around 3% instead of 5%. 

Markets had previously expected the first rise in early 2015, but they now think that this November is more likely. The bank has already stated they are not going to put the UK recovery in jeopardy by raising rates prematurely, so many would view a rise in November as a good sign that the recovery would be robust enough to cope, and therefore the prevention of future inflation would be more prominent on the list of the Bank's priorities.

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