Mark Carney: Two more rate rises needed to stop economy 'running too hot'

Following the announcement of the Bank's decision to increase rates from 0.25% to 0.5% today - the first rise in a decade - Carney reiterated the BoE is "easing our foot off the accelerator", after almost of decade of ultra-low interest rates. He said the UK needs to see two further rate increases over the next three years in order to return inflation to its target of 2% and prevent the economy from running "too hot". Carney added that the "sheer novelty of a rate rise creates uncertainty over the impact but we are well positioned for a rate rise". A total of seven members of the c...