Time not right for interest rate rise, says Bank governor Mark Carney


He added hopes that the uncertainty would soon lift to reveal "the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption".

Carney's comments follow last week's monetary policy committee meeting where three members voted to raise interest rates, the most hawkish stance the eight-strong committee has taken since 2011.

The uncertain outcome of the Brexit talks is also expected to weigh on consumers and companies.

"The balance is being addressed somewhat at Mansion House".

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Elsewhere in his remarks, Carney also reiterated that monetary policy measures by the Bank of England, "cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the European Union".

The phrase is a clear challenge to a now infamous comment from Foreign Secretary Boris Johnson, who said previous year in reference to the government's ambition for a post-Brexit relationship: "My policy on cake is pro having it and pro eating it".

Sterling dropped more than 10 per cent after last summer's referendum vote, which Carney said reflected financial markets' dim view of Brexit's likely effect on the economy.

Carney, in a speech to business leaders Monday, said that while rates will have to rise as spare capacity in the economy declines, "now is not yet the time to begin that adjustment".

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It came after inflation hit 2.9 per cent in May - its highest level in almost four years and far higher than expected.

Mark Carney's cautious stance fuels our belief that interest rates will not be rising any time soon, given a stuttering United Kingdom economy and uncertainties over its outlook. In addition, he appears to be in "wait and see" mode indicating that he wants to see the extent to which other elements of demand offset weaker consumer spending over the coming months, and whether wages start to firm up.

Carney added that London should remain a hub for global derivatives trading following the recent publication of the European Commission's plans to force UK-based clearing houses to abide by EU regulations.

Carney also underlined the importance of trade liberalisation - especially in financial services - and said it was unclear if Britain's large current account deficit was yet on a sustainable footing.

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