Bank of England's McCafferty sees chance of 2015 rate rise, hinges on data

The Bank of England could raise interest rates as early as the end of this year, or six months later, depending on growth in wages and the economy as a whole, BoE policymaker Ian McCafferty was reported as saying on Friday. 

PHOTO: AFP

JUN 19, 20159:00 PM

[LONDON] The Bank of England could raise interest rates as early as the end of this year, or six months later, depending on growth in wages and the economy as a whole, BoE policymaker Ian McCafferty was reported as saying on Friday.

"Financial markets still believe that an interest rate rise is unlikely until May or June next year, and economists suggest February or March," Mr McCafferty was reported as having told a Scottish business group by The Courier, a Dundee newspaper.

"Either of those dates and the possibility of a late rise before the end of this year are critically going to be data dependent," Mr McCafferty said.

BoE policymakers have unanimously voted to keep rates on hold so far this year, but Mr McCafferty was in a minority supporting a rate rise late last year, until inflation fell substantially below the BoE's 2 per cent target.

REUTERS

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