Now is not the time to raise rates, says BOE chief

London

NOW is not the time to raise interest rates, Bank of England (BOE) governor Mark Carney said on Tuesday, warning that already weak wage growth risked a further loss of momentum as Britain prepares to leave the European Union (EU).

In a speech to London's banking community a day after Brexit talks started, Mr Carney dashed any prospect that he might be close to joining the three BOE policymakers who last week unexpectedly voted to raise rates from their record low of 0.25 per cent.

Sterling plunged by three quarters of a cent against the dollar after Mr Carney's remarks, and 10-year gilt yields dipped below one…