Bank 'won't be pushed into raising interest sharply' - David Miles

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

UK ups defence spending to 2.6% of GDP by 2027 as billions pledged

UK ups defence spending to 2.6% of GDP by 2027 as billions pledged

Chancellor delivered Spending Review

Sorin Dojan
clock 11 June 2025 • 4 min read
Chancellor to pledge billions to 'invest in Britain's renewal' in Spending Review

Chancellor to pledge billions to 'invest in Britain's renewal' in Spending Review

Rachel Reeves to unveil Spending Review later today

Linus Uhlig
clock 11 June 2025 • 1 min read
Five years on from Covid: What's next for markets?

Five years on from Covid: What's next for markets?

It is now five years since the start of the UK’s Covid lockdown. Since then, we have seen considerable market and geopolitical-related change. Here, William Marshall looks back over the past five years and also explores what we might expect from markets...

William Marshall
clock 06 May 2025 • 4 min read