BoE rate hike closer but timing cannot be predicted: Carney

[LONDON] Bank of England Governor Mark Carney said on Thursday that an interest rate hike is drawing closer but that the exact timing cannot be predicted in advance.

Mr Carney said he stuck to his personal view that the decision on when to start to raise interest rates from 0.5 percent currently was likely to come into sharper relief at the turn of the year.

"The likely timing of the first bank rate increase is drawing closer. However the exact timing of the first move cannot be predicted in advance," Mr Carney told a news conference.

"It will be the product of economic developments and prospects."

Only one BoE official voted in favour of the bank starting to raise interest rates this month, in contrast to expectations in a Reuters poll that two would do so.

REUTERS