Bank of England is close to raising interest rates, says governor Mark Carney
London — Mark Carney reaffirmed that the Bank of England (BoE) was close to its first interest-rate increase in over a decade, as inflation hit 3% and one of his colleagues said the economy was approaching a "tipping point." In a series of testimonies to legislators, the BoE governor and the two newest members of the rate-setting monetary policy committee (MPC) signalled that the erosion of economic slack was dominating their thinking as they prepared for a November 2 decision. The appearances coincided with reports showing consumer prices rising at the fastest pace since April 2012. "Having used up more spare capacity, having seen some evidence of building domestic pressures, the judgment of the majority of the committee is some raise in interest rates over the coming months may be appropriate," Carney said. The central bank is widely expected to raise the benchmark rate at its November meeting, though Carney — in line with earlier comments — declined to be that specific. The pound...
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