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Forces from abroad mean no need for rate rise, insists BoE's deputy governor

Sir Jon Cunliffe, the Bank of England's deputy governor with responsibility for financial stability, said there was no immediate need for the BoE to raise interest rates. He said deflationary pressures from abroad, such as the slowdown in China, were keeping UK inflation far below the BoE's 2% target. Sir Jon said a tighter labour market and stronger pay growth had not generated big inflationary pressures, but conceded that the next move in UK interest rates was likely to be upwards. However, he maintained that interest rate rises would be limited and gradual.

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