BOE's Carney says UK rate hike looms in Brexit-hobbled economy

London

BREXIT, which prompted Mark Carney to cut UK interest rates for the first time in seven years in 2016, is now pushing in the other direction.

In a speech in Washington on Monday, the Bank of England (BOE) governor said while the decision to leave the European Union (EU) has slowed growth, it's also cut the economy's potential. That reduced "speed limit" - as he has described it - increases the chance of overheating and partly explains why the Monetary Policy Committee (MPC) now says it may need to raise rates soon.