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Interest rates may only reach 2.5% by mid-2019, says Bank economist

Bank of England chief economist Andy Haldane has claimed that the central bank may put up interest rates by no more than half a percentage point a year, and not return them to anything like pre-crisis levels for the foreseeable future. He said the Bank was in no rush to raise rates, and the base rate could go no higher than 2.5% even by the end of the decade. Haldane said the recovery was 'taking hold nicely' and the last thing the Bank wants to do is 'knock the stuffing out of that.'Bank of England chief economist Andy Haldane has claimed that the central bank may put up interest rates by no more than half a percentage point a year, and not return them to anything like pre-crisis levels for the foreseeable future. He said the Bank was in no rush to raise rates, and the base rate could go no higher than 2.5% even by the end of the decade. Haldane said the recovery was 'taking hold nicely' and the last thing the Bank wants to do is 'knock the stuffing out of that.'

 

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