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MPC minutes: Carney gives strong hint rates will rise this year

by David Campbell on Jun 18, 2014 at 10:33

He added that they continued to show deep divisions with the committee however, particularly on the outlook for how quickly growth will use up excess capacity.

‘It was over the vital question of the remaining slack in the economy that the minutes start to betray considerable disagreement between members,’ said Beecroft.

‘Some of the uncertainty reflects a lack of understanding as to why official wages data remain so weak,’ added Chris Williams, chief economist at Markit.

'The conclusion we draw from this is that, if the economy continues to grow strongly in the third quarter, a rate hike by the end of the year is on the cards. The best guess at this stage looks to be November, as this will coincide with the new forecasts published in the Bank’s Inflation Report.’

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