UK interest rates "likely" to rise in 2015, bank official says

UK interest rates will rise in 2015, Bank of England policy maker Martin Weale said yesterday.

In an interview with Sky News, Weale said a spring 2015 rise was “the most likely path”.

“The most likely path for interest rates is that the first rise will come perhaps in the spring of next year and the path thereafter is likely to be gradual,” he said.

He went on to say that rates could rise sooner if wages rise faster than expected.

Interest rates have been held at a record low of 0.5% since 2008.

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