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PPI: King predicts interest rates unlikely to return to 'normal' level soon

Bank of England governor Mervyn King has expressed his belief that interest rates are unlikely to rise in the near future.

Mr King, addressing the Treasury Select Committee in London today (July 28th), claimed rates will remain at their historically low levels as the economy is still in a state of recovery.

He said: "I look forward to that time because it will probably be a signal that there is a smoother drive ahead, with the economic outlook improving in a durable way. I fear there is some significant distance to travel before we can begin to use the word 'normal'."

Inflation is also predicted to remain above the Bank's target of two per cent for the rest of the year and throughout most of 2011, he added.

Mr King acknowledged the 1.1 per cent growth for the economy in the second quarter was encouraging, although this may be halted if overseas fiscal systems, which Britain currently trade with, collapse.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800007691-ADNFCR



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