The Bank of England won't be pressured into hiking the base rate quickly because inflation is likely to remain relatively low, according to economist David Miles.
Speaking to BBC Radio today Miles, a member of the Monetary Policy Committee, which sets the bank base rate, pointed out that inflation is currently below the Bank’s two% target. He added: "That's very good news because it means that we're not going to be pushed into raising interest sharply, because the inflation outlook remains pretty subdued." His comments follow downbeat wage growth figures released on Wednesday, which showed UK workers earned less in the second quarter of 2014 than they did during the same period in 2013. The Bank of England governor Mark Carney related the fa...
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