Carney: Now is not yet the time for a rate rise

Concerned about weaker economic figures

Governor of the Bank of England Mark Carney rejected calls for higher interest rates in his Mansion House speech, arguing it is "not yet the time" to begin adjusting monetary policy.

In his Mansion House speech, which was delayed from last week's cancelled event, Carney said he did not believe the time was right for interest rate rises, as a result of mixed signals over consumer spending and business investment. Interest rates in the UK have been held at 0.25% since last summer, although at the latest Monetary Policy Committee meeting earlier this month three out of eight members voted for an increase. "From my perspective, given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particul...