Interest rates could rise soon

Mark Carney, Governor of the Bank of England (BoE), surprised markets in a speech last week by stating that interest rates may well increase from their historic low of 0.5 per cent earlier than expected.

With the UK economy on the mend and the housing market on the road to recovery, there is growing speculation that the first rate increase could now be made later this year, although Carney did caveat his statement by saying the increases would be “gradual and limited” and to a level significantly lower than the five per cent previously thought as standard.

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