Carney: Rates could rise before general election

Mark Carney said UK interest rates could rise before next May's general election if there are continued sustainable improvements in the economy, according to a report.

The Bank of England governor told the Northern Echo he does not rule out a rate hike before the election next May. However, Carney (pictured) called for a improvement in the labour market in the North of England as well as the South before such a decision can be made. "The point is that if a recovery is just based in the South-East it is neither sustainable nor balanced. It has to include the North-East, we are here to make policy for the UK as a whole, " the Governor said in the interview. Carney recognised an interest rate hike would be unpopular with mortgage payers, but said a ...