BOE Dale: Rates “Very Unlikely” to Rise in 2014

18-Oct (The Wall Street Journal) — The Bank of England is “very unlikely” to raise its main interest rate next year due to weakness in the economy, the bank’s chief economist said Friday.

Mr. Dale, in a question-and-answer session on Twitter, was responding to comments about an interview with the Guardian newspaper earlier in the week when he said policy would be tightened as and when the economy strengthened sufficiently–something that could happen “two years ahead, three years ahead, or one year ahead.”

In Friday’s Twitter session, Mr. Dale said: “I think its [sic] very unlikely that we will raise Bank rate in 2014.”

“We will need to see sustained period of strong growth,” he said.


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