28 January 2015

Bank of England hold interest rate

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The Bank of England today confirmed it is in no rush to hike interest rates and when it does, the increase could be as slow as half a percentage point a year, chief economist Andy Haldane has said.

“We are in no rush to raise rates, the recovery is taking hold nicely. The last thing we want to do is knock the stuffing out of that,” Haldane told the Daily Post.

“They are historically low and they won’t stay like that forever, but when that rise comes it is going to be very gradual. It could be half a percent a year for several years,” he added.